The post Why Bitcoin is Down Today? Peter Brandt’s BTC Price Prediction Amid Market Cool-Down appeared first on Coinpedia Fintech News
After registering a 30 percent spike in the last eight days, Bitcoin (BTC) price recorded the first bearish daily close on Tuesday. The flagship coin closed Monday with a dragonfly Doji candlestick, signaling a short-term cool-down of the recent macro bullish breakout.
Why is Bitcoin Dropping?
Bitcoin is down today due to a short-term correction after facing resistance at $89,142, following its recent 30% rally. Technical signals, such as a potential double top and falling RSI, suggest a bearish shift. Despite this, Bitcoin remains in a broader bull market with long-term growth potential.
What Next for BTC Price?
After rallying to a new all-time high (ATH) of about $89,864 earlier this week, Bitcoin price has since experienced a significant resistance level of around $89,142. From a technical analysis standpoint, Bitcoin price has been forming a potential short-term reversal pattern in the four-hourly time frame.
Read Bitcoin price prediction for 2025-2030 and what experts forecast for its future growth here.
Bitcoin’s midterm bearish sentiment is characterized by a potential double top coupled with a falling divergence of the four-hour Relative Strength Index (RSI). As a result, Bitcoin price is likely to retest the bullish breakout of the previous major resistance around $73.7k.
When Bitcoin declines it is just winking at you
$BTC pic.twitter.com/Cg7CPwxRUv
— Peter Brandt (@PeterLBrandt) November 12, 2024
Nonetheless, Bitcoin price is already in a macro bull run, which is expected to continue in the coming months. According to veteran trader Peter Brandt, Bitcoin price is aiming for $134,052 in the short term and is likely to reach $327k in mid-2025.
Factors that are Driving Bullish Sentiments
As Coinpedia has severally stated, Bitcoin price has significantly benefited from the victory of Donald Trump, and other pro-crypto leaders in the United States. Additionally, the ongoing shift in the global economic outlook, triggered by the U.S. Fed rate cuts, has significantly favored the ongoing crypto bullish outlook.
Furthermore, more institutional investors have gone all in on Bitcoin with short-term holders (STH) already aggressively accumulating.
According to the latest market data, the US spot Bitcoin ETF issuers have registered more than $7.9 billion in net cash flow in the past four weeks.
Bitcoin remains a good investment due to its long-term bullish outlook and strong institutional backing. Experts like Peter Brandt predict significant growth, with Bitcoin reaching $327k by mid-2025.
