BTC price has been on investors’ radar lately, with crypto recently falling below the $56,000 mark. Amid this, veteran trader and crypto market expert Peter Brandt has once again shared a bearish outlook for Bitcoin, predicting a potential dip to $46,000.
So, let’s look at the potential reasons that might be weighing on the flagship crypto’s performance today.
Peter Brandt Predicts BTC Price Dip To $46K
Veteran trader Peter Brandt recently shared a price chart on X, highlighting a concerning pattern for BTC price. He pointed out an “inverted expanding triangle” or “megaphone” formation that could drive the crypto’s price down to $46,000 if the lower boundary is tested.
In addition, he noted that this bearish pattern shows stronger selling pressure, which makes a robust push to a new all-time high crucial to reignite the bull market. Besides, earlier this week as well, Peter Brandt turned bearish on Bitcoin, citing a series of lower highs and lows as signs of a troubling trend.
According to him, this pattern reflects a lack of buying energy, which is particularly unusual for the crypto, especially after a halving event. He noted that the downward-sloping lows indicate diminished enthusiasm among investors, further weighing on market sentiment.
Meanwhile, his observations suggest that the crypto’s current lack of momentum could prolong the ongoing price slump. Simultaneously, it adds to growing concerns among traders and investors, who are closely monitoring the crypto’s next moves.
Now, let’s look at the potential reasons behind today’s drop in BTC prices.
Why Is the BTC Price Falling Today?
Crypto Market Awaits US Job Data
The financial market is eagerly waiting for the US non-farm payroll data, which is scheduled to be released tomorrow by the Labor Department. This is one of the crucial economic data before the September gathering of the US Federal Reserve.
In other words, the US Job data is expected to shape the market sentiment, while providing further clarity on the potential Fed’s rate cut stance. Although the market is betting on a 25 bps rate cut by the central bank, the investors appear to be taking a pause before the crucial economic insights.
Recent Whale Dump
A flurry of investors are exiting the Bitcoin market, booking profits amid the heightened volatile scenario in the market. According to a Lookonchain report, a smart whale recently dumped 680 BTC, worth $38.77 million.
The whale bagged 4,562 BTC, worth around $120.66 million, at $26,449 since December 2022. However, since then, he has started offloading the crypto, which many market watchers see as a profit-booking strategy. With his recent dump, the smart whale has offloaded 3,938 BTC, valued at around $181 million, at $45,066.
Waning Momentum In Bitcoin ETF Market
The US Spot Bitcoin ETF has shown a gloomy performance in recent days, which has likely sparked concerns among investors. According to Farside Investors data, the overall outflow in the US BTC ETF totaled $325 million.
Over the last six trading days, the total outflow in the investment instrument totaled over $800 million. This waning momentum appears to have spooked the investors, further adding pressure on BTC price.
Bitcoin’s Historical Performance In September
September has been historically a challenging month for the flagship crypto. According to CoinGlass data, the crypto has only stayed in the green three times since 2013 in this month. Several market experts are keeping a distance from crypto due to market FUD.
Meanwhile, several market trends indicate that BTC could defy September downtrend. However, despite that, the recent bearish momentum along with the gloomy outlook from experts might have dampened the investors’ sentiment.
What’s Next For BTC Price?
As of writing, BTC was trading at $55,978, down by 3.65% from yesterday, with its trading volume dropping 14% to $30.93 billion. Over the last 24 hours, the crypto has touched a low of $55,841. Simultaneously, the BTC Futures Open Interest (OI) fell over 3% to $28.98 billion, indicating the waning interest of the traders.
A recent Bitcoin price analysis indicates that the crypto could plunge to $50,000 if the bear momentum continues. This has further sparked speculations, especially after the recent gloomy outlook from Peter Brandt.
Rupam Roy
Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
