After a sudden crash in Bitcoin market price below the $21,000 zone, predictions for a steeper decline are still surfacing in the markets. The decline in BTC price on the 19th of August has heightened fear, uncertainty, and doubt in the markets.
Although, the markets were bullish again on a reclamation move, trading above the $21,000 zone. Technical analysis of the BTC markets charts still indicates possible bearish that may set in long-term in the markets.
BTC Below $21,000 Zone, Possible Bear – Peter Brandt
A cryptocurrency/bitcoin analyst and trader, Peter Brandt, has just predicted a possible bottom visitation for BTC markets price. The trader stated that the BTC trend movements appeared synonymous to the charts in May, before the price crash.
Peter made his analysis-based prediction known via his verified Twitter handle earlier. He stated that the risk sentiments are still active in the markets, and a bullish movement is almost impossible.
The trader alleged that Bitcoin might flip/reverse; however, not in the nearest time soon. Brandt stated that in a broader view, the markets seem unpredictable, and selling pressure is contagious in the market. The analyst revealed that increased selling pressure anytime soon may cause BTC to crash.
On the 19th of August, Bitcoin’s price declined by almost 10%, which sank the markets with fear, uncertainty, and doubts. This retracement was the lowest low made by bitcoin in the past three weeks.
Following the crash, Peter alleged that the targets set by BTC are located downside, a possible decline in the rising wedge. Possibly bulls may set in if the support level can hold the movement. Currently, BTC trades above the $2.4K price zone, a 1.2% uptrend recorded in the past 24 hours.
Bitcoin Crash: Peter Schiff Prediction Coming To Reality?
Bearish predictions for BTC have been recurring for the past few days. A few days ago, cryptocurrency critic Peter Schiff announced that BTC would decline massively.
Although, his predictions tweet met with mixed reactions and criticism from crypto users, enthusiasts, and communities. He was accused of creating tension and FUD in the markets with his anti-crypto stance.
Unfortunately, five days after his prediction, BTC decline nearly 10%, causing bitcoin to visit below the $21,000 price zone. Following the crash, Peter Schiff released another statement to follow up on his predictions via his Twitter handle.
Peter alleged that BTC holders investors were adamant about heeding his warning, causing them a huge loss. He alleged that his predictions would come to reality soon, advising holders to sell before it’s too late.
“There is time to sell, better late than never” – Peter Schiff.
Earlier, another popular crypto analyst, Michael Van De Poppe, tweeted that the BTC price may continue to drop. He stated that possibly, BTC users should keep an eye on the $19,300 price and ETH users on the $1,400 area.