Bitcoin (BTC), the largest cryptocurrency by market capitalization, has been leading the current negative price trend in the crypto market.
Over the last couple of months, Bitcoin has been struggling to hold crucial support levels for further growth, which is currently initiating the massive sell-off that has significantly affected the crypto markets.
Read Also: MicroStrategy CEO: Bitcoin (BTC) Is the Least Risky Asset to Have in a Retirement Portfolio
A few days ago, the flagship cryptocurrency lost the $40,000 support and currently trading below $35,000. A veteran trader, Peter Brandt, is predicting that the worst could happen to Bitcoin if it fails to hold the next most crucial support level.
Bitcoin (BTC) May Drop to $28,000
About a week ago, the veteran futures trader Peter Brandt predicted that Bitcoin could dip further till it touches $28,000 due to the completion of a bear channel, which is typically equal to the width of the channel.
In his previous tweet, He wrote, “The completion of a bear channel typically results in a decline equal to the width of the channel, or in this case a hard test of 32,000 or so — my guess is 28,000 This does NOT make me a hater BTC.”
Howbeit, in his recent tweet, Brandt said $28,000 is now becoming widely accepted. So, he thinks there are two possible trends for Bitcoin in the coming days. Either to hold above the $30,000 support level or to tank until it touches $28,000.
Peter Brandt tweeted, “Now that $28,000 is so widely accepted as a downside target, I am forced to change my view. Either the price holds above $30,000 or tanks through $28,000.”
Now that 28,000 is so widely accepted as downside target I am forced to change my view. Either price holds above 30,000 or tanks through 28,000
— Peter Brandt (@PeterLBrandt) May 8, 2022
Michaël van de Poppe Has a Contrary Opinion
A popular crypto trader and analyst, Michaël van de Poppe, seems to have an opinion different from that of Brandt.
According to Van de Poppe, who founded Eight Global, a Consultancy & Educational Platform, there is an interesting bullish divergence on Bitcoin (BTC) at the moment.
The analyst predicted that the flagship crypto could see a fresh upward movement around $34,000 price level.
Michaël van de Poppe tweeted, “Interesting bullish divergence on #Bitcoin. And the strange heavy orders previously. Seems to be that we’re going to have some upwards momentum here.”
Interesting bullish divergence on #Bitcoin.
And the strange heavy orders previously.
Seems to be that we're going to have some upwards momentum here. pic.twitter.com/ApLCSkfpqQ
— Michaël van de Poppe (@CryptoMichNL) May 8, 2022
Read Also: MicroStrategy CEO to Elon Musk: If You Can’t Buy All of Twitter, You Can Buy a Fraction of Bitcoin
Bitcoin (BTC) Selling Pressure
Another popular crypto analyst, Ali Martinez, recently revealed that the recent selling pressure of Bitcoin came from 47 whale addresses that hold at least 1,000 BTC, as shared by the analytics platform Glassnode.
The data shared by the analyst shows that the whale addresses have either been selling or redistributing their Bitcoin holdings since the 2nd of May 2022.
Ali Martinez tweeted, “Bitcoin / Some of the selling pressure seen recently has come from BTC whales! Glassnode shows that roughly 47 addresses with 1,000 $BTC or more have sold or redistributed their holdings since May 2.”
#Bitcoin | Some of the selling pressure seen recently has come from #BTC whales!@glassnode shows that roughly 47 addresses with 1,000 $BTC or more have sold or redistributed their holdings since May 2. pic.twitter.com/nYtFIgr0ht
— Ali Martinez (@ali_charts) May 8, 2022
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