Peter Brandt Predicts BTC Price Dip To $46K; Why Is Bitcoin Falling Today?

Bitcoin analyst and trader Peter Brandt suggests BTC price drop to $46,000 after Bitcoin tumbles below $56K. Here we turn to the possible cause for the slump today. Bitcoin plunged under $56K and caused the market some troubles. Cryptocurrency trend Wizard Peter Brandt expects BTC price to drop to $46000 due to a bearish trend. We are now seeing the crypto market waiting for US job data as the market is flooded with so many oscillations.

BTC price has come into the investors’ focus in the recent past and crypto has dropped below the $56,000 mark sometimes. In the middle of this, popular trader and Bitcoin analyst Peter Brandt gave his bearish signal for Bitcoin and indicated that the price of BTC may fall to $46000. Therefore, let’s consider some of the factors that could be exerting impacts on the flagship cryptocurrency today.

Peter Brandt looks to BTC Crashing to around $46k

The veteran trader, Peter Brandt, has shared a price chart on X which indicates a worrying signal for the BTC price. Since, according to him, the lower boundary is at $48k, such a test would result in a price drop to as low as $46k creating an “inverted expanding triangle” or a “megaphone” pattern.

Besides, he pointed out that the lower low indicates deeper selling pressure, meaning that the big push to a fresh record high is necessary to rekindle the bull market. Also, earlier this week, Peter Brandt went bearish on Bitcoin by arguing that lower highs and lows indicate a worrying trend.

In his opinion, this trend looks like no buying energy, which is especially unexpected for the crypto after the halving. He pointed to the fact that the lows are sloping downward, a sign which implies a decreased interest of the investors in the market and more weakened sentiment.

The pattern illustrated a lack of buying energy, something quite uncommon for the crypto market, especially after a halving event. Additionally, the lows that slope downwards point to even weaker market sentiment among investors, causing additional pressure.

His insights suggest the crypto might take more time to establish a new trend, extending the ongoing price decline, fueling fears among traders and investors who closely watch its future moves. Next, let’s analyze some of the possible e causes for the decline of BTC’s price today.

Now you can think, that the BTC price is based on supply and demand blindly, why is the price falling today?

Crypto Market Stays Put for US Employments Figures

The US financial market is closely watching the upcoming non-farm payroll report set to be released tomorrow by the Labor Department. This is one of the important economic indicators before the meeting of the US Federal Reserve in September.

The US Job data will likely impact market sentiment and clarify the Fed’s rate cut plans. Speculation of a 25 bps rate cut by the central bank has investors cautious.

Read more:- Is SEC Planning More Crypto Crackdowns In September? Legal Officer Warns

Recent Whale Dump

Several investors are now taking their profit on Bitcoin amid what has become a more volatile situation in the market. A recent Lookonchain report showed that a smart whale has dumped 680 BTC, which is equal to $38. 77 million.

The whale took 4,562 Bitcoins, which is roughly equated to $120. 66 million, to $ 26,449 since December 2022. However, since then, he has begun exploring out of the crypto, something that most analysts have regarded as profit-taking. The smart whale has finally dumped 3,938 BTC which is equivalent to $181, 056, 195, at an average price of $45, 066.

Extension of Streak Subduing Bitcoin ETF Facility

The US Spot Bitcoin ETF recently performed poorly, possibly due to investor concerns. Farside Investors reported a $325 million outflow from the US BTC ETF.

In the last 6 trading days, the overall outflow of the investment instrument reached more than $ 800 million. This waning momentum seems to have scared the investors, more so increasing pressure on the BTC price.

Bitcoin’s History Performance In September

September has been traditionally a tough period for the flagship cryptocurrency. The data from CoinGlass shows that crypto has remained green in this month only three times since 2013. Some of them tag it as market FUD, and many market experts are staying away from crypto.

However, a number of market factors suggest that BTC could in fact avoid the September dip. However, despite that, the recent bearish momentum along with the gloomy outlook from experts might have dampen the investors sentiment.

Looking at the BTC price movements and BTC/USD chart, the question on everyone’s lips is what is next for BTC price?

At the time of writing this paper, the price of BTC stood at $55,978, reflecting a drop of 3. By 65% from the previous day; its trading volume decreased by 14% to $30. 93 billion. In the past day, the crypto has gone down to as low as $55,841. At the same time, BTC Futures Open Interest (OI) declined more than 3% to $28. 98 billion, which reflects the desire of the traders dwindling.

A recent Bitcoin price prediction indicates that the crypto may drop to $50,000 if the bear run persists. This has further fuelled some more speculations, particularly after Peter Brandt’s latest bearish forecast.