Peter Brandt: Bitcoin correction may reach $44,000

The founder of the investment company Fairlead Strategies, Katie Stockton, announced the likely strong volatility of the main cryptocurrency in the second half of this year. She allowed a short-term drop in the Bitcoin rate to $51,000.

The entrepreneur linked the possible decrease in the price of BTC with the start of payments to users of the bankrupt MtGox platform. According to Stockton, the first cryptocurrency has overcome several significant support levels, the key of which was the $60,000 mark.

The founder of Fairlead Strategies is confident that the long-term upward trend is still relevant, and the decline in Bitcoin is a short-term phenomenon.

Stockton predicted that the second half of the year would likely see more volatility, with the uptrend maintaining itself but experiencing more corrective phases.

She also emphasized that BTC should be viewed as a long-term investment with significant growth potential. But if the value of the main digital coin falls to the $40,000 level, this could indicate difficulties associated with technical analysis and jeopardize the long-term uptrend.

Factor CEO Peter Brandt believes that the price of Bitcoin can drop to $44,000. The trader believes that BTC has not yet finished its bearish movement in the crypto market.

The expert pointed to the double top pattern that the top crypto coin is completing on the chart. According to the analyst’s calculations, the upper level of the model is around $72,000, and the lower level is at $43,970.

According to Brandt, Bitcoin’s correction could reach $44,000, and the bearish movement could continue depending on further market dynamics.

Do you agree with the experts?