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Bitcoin price has continued to face downward pressure since it dropped below the $90,000 level.
The current market sentiments hurt both sellers and traders per losses registered.
Market veteran Peter Brandt has even highlighted the possibility of a further Bitcoin price crash.
While crypto market participants watch to see the next price direction for Bitcoin, whales have resurfaced.
Peter Brandt’s Bitcoin Price Forecast
Taking to social media platform X, trader Brandt commented on the current state of the Bitcoin market and highlighted its future potential.
The trader predicted that Bitcoin could fall to the low $65,000 directly from its current price.
Brandt accompanied his post with a chart that showed Bitcoin has completed a bear wedge, with a 2X target from the double top at $65,635.
“Don’t shoot the messenger. Just reporting on what the chart says until it says something different,” says Brandt.
Wedge patterns are frequently, but not always, trend reversal patterns. They consist of a support and resistance line that heads in the same direction as the range narrows.
This happens until one of the support or resistance trend lines is breached, and a large volume reverses the trend.
A bearish wedge pattern is formed after a BTC price rally and indicates a potential reversal in the trend. Thus, Brandt’s comments suggested that Bitcoin could lose over 15% of its value in the coming weeks.
Bitcoin price has recently failed to retain momentum. At the time of writing, BTC price was down 0.34% in the last 24 hours to $83,434.15. Earlier this month, the BTC price plummeted to $76,555, its lowest since November.
Have Old Whales Resumed Selling?
Beyond the bear wedge pattern, other factors in the Bitcoin market likely influence Bitcoin’s current price. Chief among these is the re-emergence of old whale investors in the Bitcoin market.
Onchain data analytics platform CryptoQuant spotlighted the transfer of $674 million of BTC from an old wallet address. Historically, such a potentially large sell-off has pushed the price of Bitcoin down.
CryptoQuant analyst Maartunn highlighted that over 8,000 BTC aged 5 to 7 years were recently moved in a single block. According to the analyst, this represents the highest Bitcoin transfer the market has seen recently.
It is unclear whether the movement of the dormant Bitcoins is linked to the ongoing market crash.
However, it has sparked debate among Bitcoin holders, with some arguing that the offloading might impact BTC’s future performance.
They suggested that this could trigger other whales to dump BTC on the market, exerting downward pressure on the price.
Potential Price Floor to Watch
At the moment, the BTC price is near the local support of $84,877 on the hourly chart.
Market analysts have forecasted a level breakout if a bounce back does not happen, followed by a dump to the $84,000 zone.
However, if the candle closes near $86,000, traders may witness a test between the $82,000 and $83,000 zone by the end of the week.
Commenting on the ongoing Bitcoin volatility, BitMEX co-founder Arthur Hayes said liquidity is the real trigger, not price.
Earlier this month, he projected a $110,000 target for Bitcoin price before a pullback to $76,500. In the long term, Hayes believes Bitcoin could hit $1 million.
