Bitcoin’s Comedic Plunge: Veteran Trader Predicts $70K Crash, But Is It a Joke?

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Dear Fellow Investors, amid today’s crypto market performance that would make a mime weep, Bitcoin (BTC) finds itself comfortably ensconced in the red, much to the delight of onlookers. As we anxiously await the US PCE inflation data, which might just be the cosmic sign we need for the Federal Reserve’s next dance move, veteran trader Peter Brandt saunters into the scene with a rather grim prophecy. 👀

A Bitcoin Plunge: Comedy or Tragedy?

Alas, BTC’s price today has dipped more than 1.4%, plunging it below the fabulous $86,000 mark, and its trading volume has taken a nosedive of 2.4% to a mere $25.8 billion. The 24-hour high and low of $85,837.93 and $87,702.17 respectively, may as well be the plot of a tragicomedy. 🎭

But fear not, for the crystal ball gazers predict a potential recovery to the $88K level by month’s end. However, the waning risk-bet appetite of traders, as indicated by a 1.5% drop in Bitcoin Futures Open Interest, suggests the jest is on us.

Peter Brandt’s Comic Prophecy

In the grand theater of market analysts, Peter Brandt, the seasoned trader, has taken the stage with a flourish, hinting at a potential BTC price crash to $70K. In a recent analysis shared on X, expert HTL-NL presented a chart foretelling BTC’s descent to $76,700 or even the $70,000 mark. 📉

Brandt, ever the Cassandra of the crypto world, declared, “This is not an unreasonable expectation,” suggesting that BTC might indeed face strong selling pressure, sending it to the nether regions of $70K.

The Bulls and the PCE Inflation Release

The current market dip, a true spectacle of investor indecision, is largely attributed to the anticipation of the US PCE inflation release. If the PCE inflation aligns with market expectations, the bulls might just charge forward, boosting market sentiment and possibly pushing BTC higher. 📈

A decline in inflationary pressure could prompt the Federal Reserve to adopt a dovish policy, typically a boon for traders’ confidence, which in turn might propel Bitcoin to new heights.

Adding to the drama, analyst Javon Marks has shared a bullish forecast, reminiscent of BTC’s previous surge from $19K to $67,543. Comparing this with the current level, Marks boldly predicts that BTC could reach between $116,600 and $118,800 if history repeats itself. 🚀

Meanwhile, Michael van de Poppe, in a recent X post, noted that “Drops getting absorbed quickly and buying pressure is building up,” hinting at a strong run for Bitcoin in Q2. However, the bulls must breach the $90K support level to ensure the comedy continues, rather than turning into a tragedy. 🎪

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2025-03-28 10:10