One of the most respected traders Peter Brandt recently predicted a fall in the price of Bitcoin as volatility and uncertainty increase amid the US debt ceiling dilemma.
The crypto community follows Peter Brandt's updates closely because of his accurate predictions on the price of Bitcoin. Nevertheless, he is confident that BTC will reach $40000. Only for now the bearish sentiment is increasing due to the recent turn of events.
In the tweet, he predicted that Bitcoin price could break below the $26,800 level. After the correction, Bitcoin price will continue to move higher. Earlier, he recommended using Bitcoin and predicted a BTC price target of $40,000.
According to his analysis, BTC has a probability of falling to $24,800 after on-chain data and technical indicators point to an upcoming fall in Bitcoin prices.
Global markets focused on the US debt ceiling talks because President Joe Biden and the Republicans failed to reach the same terms in the early session. If the US does not handle this properly, the global market can fall by 40% and the crypto market can also feel the shock at first.
However, the price of BTC can rise suddenly if the dominance of the US dollar and treasury bonds is at risk. Rate hikes and banking crises will continue to impact markets and investors.
BTC price is currently trading at $27063, up 1% in the last 1 hour. Trading volume has also fallen massively in the last few days.
