Bitcoin price has been on a rollercoaster ride lately, and renowned crypto market expert Peter Brandt is warning that it could plummet to $48,000 if it fails to hold above a crucial level. This prediction comes from the same analyst who accurately forecasted Bitcoin’s drop to $16,000 in 2022.

Analyst’s Warning

The recent Bitcoin drop below $67,000 has sparked intense speculation about its future trajectory. Peter Brandt, a seasoned trader with a history of accurate predictions, has outlined a potential path for Bitcoin’s decline. According to him, a drop below $65,000 could pull the price towards $60,000, and a plunge below the $60,000 level might see Bitcoin fall to $48,000.

Macroeconomic Factors and Options Expiry

The latest inflation data from the U.S. Labor Department has shown signs of cooling, which could influence the U.S. Federal Reserve’s approach to interest rates. A potential policy shift could mitigate further declines in Bitcoin’s price, providing a possible lifeline for investors.

Meanwhile, the recent expiry of 20,000 Bitcoin options on June 14, 2024, has introduced significant volatility as traders adjust their positions. The maximum pain point for this expiry was set at $68,500, indicating the price level at which most options would expire.

Bitcoin Price and Trading Volume

As of writing, Bitcoin price stayed in the red while crossing the brief $67,000 mark. Over the last 24 hours, its price saw a high of $68,337.23 and a low of $66,304.57, reflecting the volatile scenario in the market. Its trading volume also fell 24.55% to $27.17 billion. However, despite a drop in its price, Bitcoin Futures Open Interest rose 0.98% in the last 4 hours to 522.67K BTC or $35.14 billion.

Conclusion

The crypto market is known for its unpredictability, and even the most seasoned analysts can be wrong. However, Peter Brandt’s warning serves as a reminder that the market can be volatile, and investors should be prepared for any eventuality.