Peter Brandt: Bitcoin to See Key Support at $42,000

BlockBeats News, February 6th. This morning, Peter Brandt, a well-known trader and chart analyst who accurately predicted the 2018 Bitcoin crash, stated that if Bitcoin were to fall deeply into the "Banana Peel" support as in previous bear markets, the bottom might be slightly below $42,000. Brandt believes that the lower edge of the Banana Peel curve is Bitcoin's strongest and most critical long-term support area, with the bottoms of several major bear markets (2011, 2015, 2018, 2022) historically approaching or slightly breaking below this line.

It is worth noting that the distinctive feature of this Bitcoin cycle is that during the uptrend, the price has never touched the upper edge of the Banana Peel.

Note: "Banana Peel" support is an imagery term created by Peter Brandt in his long-term Bitcoin price analysis. He visualizes the entire logarithmic price movement of Bitcoin from 2010 to the present as a "banana" shaped parabola/curve (Bitcoin Banana chart): the outer curve of the banana (upper edge) represents historical parabolic up-trends and extreme expansions at bull market peaks. The inner curve of the banana (lower edge, the inner support of the banana peel) represents the deep retracements typically touched or slightly breached during multi-year bear markets as a long-term trend support zone.