While Bitcoin price exchanges hands above the $27,000 price level, iconic trader Peter Brandt dropped a new prediction for it.
The trader believes it could take one more price pullback for BTC to climb higher. Nonetheless, Brandt calls this price forecast a guess, adding that guessing is the best he can offer.
Brandt told his followers to run and protect their assets from anyone dogmatic about his price analytics.
“…If anyone is dogmatic about their brilliance, turn and run, protecting your wallet,” he wrote.
Major BTC Price Breakout Could Be Imminent
Bitcoin traded bearish in the last few days, with a 0.8% price decline over the past 24 hours.
Though BTC closed May 21 with a slight price increase, the asset remains below the primary pivot point, trading at $27,132 at press time.
According to data by notable blockchain analytics firm, Glassnode, Bitcoin recorded a 3.4% price range in the last seven days. The data confirms the number one crypto asset is witnessing one of its tightest periods in the last three years.
According to the analytic firm, the current price movement aligns with the bearish trading recorded in January 2023 and July 2020.
These two intervals preceded large market moves, suggesting that high volatility is probably near, added Glassnode. This observation concurs with Brandt’s latest prediction, where he claims Bitcoin would thrust higher after one more shakeout.
Meanwhile, Brandt isn’t the only analyst who thinks that a price breakout, after some pullbacks, is on the horizon.
Crypto analyst Carl from the Moon had spotted a symmetrical triangle pattern, indicating consolidation. Carl highlighted a target of 25K or $29K, depending on the direction of the price breakout.
Surging Bitcoin Transaction Fees Constitute A Lackluster To Potential Bull Runs
Although technical indicators suggest a major price move for Bitcoin, Glassnode’s recent reports noted that the surging network fee drives the market lower.
BTC transaction fees have skyrocketed as the Bitcoin network struggles with congestion due to massive unconfirmed transactions.
According to reports, the network congestion was due to increased minting and transferring of Ordinal NFTs and BRC20 tokens.
The network flooded with transactions, causing node overloads and an overwhelmingly large backlog of unconfirmed transactions.
This issue slowed down transaction speed and triggered a hike in transaction fees. It has equally repelled users from conducting Bitcoin transactions, reducing transfer volumes.
As of May 20, the total transfer volume in the Bitcoin network had reduced to $2.73 billion per day. That’s a significantly lower throughput than the over 15 trillion recorded during the 2021 bull market.
-Featured image from Pexels, Chart from TradingView