Peter Brandt Predicts Bitcoin Sell-Off as Market Consolidates

The price of Bitcoin (BTC) is hovering near the all-time high (ATH) near the $100K mark. With this milestone, investors and market participants are caught between excitement and caution. In a recent X post, veteran trader Peter Brandt shared his insights on the asset’s trajectory. 

Brandt warned of a possible sell-off, adding a more cautious perspective to the bullish outlook. His view introduced a bit of controversy, as many investors are focused on Bitcoin’s strong upward momentum. However, his prediction could be more bearish; his stances combine short-term caution with long-term optimism.

Brandt’s Insights: Possible Selloff, but Optimism Remains

Peter Brandt discussed the possibility of a selloff as Bitcoin approaches a new price peak. He suggested this selloff would occur as traders look to cash out and re-enter the market at a lower price. This move is ultimately aiming to maximize profits. 

Despite this short-term caution, Brandt believes that a market correction is unlikely and that Bitcoin’s upward trajectory will continue.

Brandt’s confidence in Bitcoin is strong, as he predicted it could reach $150,000 in June. This comes as the market debates a potential pullback, with many experts expecting some correction due to profit-taking.

A Growing Consensus: Other Experts Share Cautious Optimism

Brandt’s views align with those of other crypto market experts. Crypto Rover and Ali Martinez have also expressed concerns about a potential selloff. Crypto Rover, for instance, has warned of a huge sales wall waiting at $100,00mark. He mentioned that this sell-off could prompt many investors to offload their Bitcoin holdings if the price reaches this major target.

Ali Martinez echoed similar sentiments, predicting that Bitcoin could face a massive liquidation event if it reaches a price level of $100,625. This could potentially trigger a $1.89 billion liquidation in the market, leading to further downward pressure on Bitcoin’s price. 

However, despite these short-term concerns, Gautam Chhugani, a top analyst at Bernstein, and other experts remain optimistic about Bitcoin’s long-term outlook. Robert Kiyosaki and Michael Saylor have predicted that Bitcoin could peak at $13 million by 2025. This statement reinforces the belief that the asset is on a path of substantial growth.

Current Market Outlook: A Temporary Pause?

Today, Bitcoin’s price has slightly declined, trading at $98,463, while its trading volume has decreased by over 30% to $59 billion. Despite this, Bitcoin recently hit a new ATH of $99,655, indicating strong market momentum. 

However, derivatives data from CoinGlass reveals a nearly 2% drop in BTC Futures Open Interest over the past 24 hours. This outlook suggests that many investors are cautious amidst the recent rally. While a short-term pullback may be on the horizon, the broader consensus remains bullish on Bitcoin’s long-term trajectory.