Recent Developments in Bitcoin (BTC) Price
The price of Bitcoin (BTC) continues to attract the attention of investors in recent days. With BTC dropping below the $56,000 level, this situation has led to many speculations. Famous investor and cryptocurrency market analyst Peter Brandt predicts that the price of Bitcoin could decline to $46,000. Now, let’s take a closer look at the possible reasons for this decline.
Peter Brandt Predicts Bitcoin Price Will Drop to $46,000
Peter Brandt noted that a “reverse expanding triangle” formation has formed in the Bitcoin price through a chart he shared on the X platform, depicting a dangerous outlook. If the lower boundary of this formation is tested, BTC’s price could drop to $46,000. According to Brandt’s analysis, this decline formation indicates that the selling pressure in the markets is increasing. He emphasizes that for the uptrend to resume, Bitcoin needs to reach a new peak.
Brandt states that Bitcoin typically enters an uptrend after halving, but this time’s weak performance has diminished investors’ interest. This situation negatively affects market sentiment. Brandt’s observations suggest that the current stagnation could continue and that investors should act more cautiously.
Why is BTC Price Declining?
The non-farm payroll data coming from the U.S. has a significant impact on the markets. This data will directly affect the U.S. Central Bank’s interest rate policies. The employment data will determine market sentiment regarding whether the FED will lower interest rates. However, before the release of this data, investors are adopting a more cautious stance, which adds additional pressure on the market.
Additionally, recently some large investors, known as whales, are exiting the Bitcoin market to realize their profits. According to Lookonchain’s report, a whale sold 680 BTC, worth approximately $38.77 million. Such sales have become a significant factor accelerating the decline in BTC price. Profit-taking strategies are putting pressure on the market, causing prices to drop.
U.S. Spot Bitcoin ETFs have also been performing poorly in recent days. According to Farside Investors data, there has been an outflow of $325 million from Bitcoin ETFs. In total, $800 million has exited in the last six trading days. This decreasing momentum is causing concerns among investors and increasing the pressure on Bitcoin prices.
What’s Next for BTC Price?
Historically, Bitcoin tends to show a declining trend in September. According to CoinGlass data, there have only been three instances since 2013 where an increase was recorded in September. For this reason, many experts and investors prefer to stay away from cryptocurrencies in September. However, some analysts argue that Bitcoin could reverse this year’s negative trend in September. Nevertheless, the current downward trend and the pessimistic forecasts from experts require investors to be cautious.
Bitcoin is currently trading at $55,978 and has lost 3.65% in value over the last 24 hours. Additionally, trading volume has decreased by 14% to $30.93 billion. Experts suggest that if the downward trend continues, the BTC price could drop to $50,000. Peter Brandt’s recent predictions and current market conditions are among the important indicators that investors should closely monitor.
