Peter Brandt: Bitcoin will encounter key support at $42,000

The famous trader and chart analyst Peter Brandt, who successfully predicted the Bitcoin crash in 2018, stated this morning that if Bitcoin delves into the "banana peel" support as in previous bear markets, the bottom may be just slightly below $42,000. Brandt believes that the lower curve of the banana peel is the strongest and most critical long-term support area for Bitcoin, with the bottoms of several major bear markets in history (2011, 2015, 2018, 2022) generally close to or slightly below this line.

Note: The "banana peel" support is a metaphorical term created by Peter Brandt in his long-term price analysis of Bitcoin. He has illustrated the entire logarithmic price trend of Bitcoin from 2010 to the present as a "banana" shaped parabola/arc (Bitcoin Banana chart): the outer arc of the banana (upper edge) represents the extreme expansion during the parabolic upward phases and bull market tops in history. The inner arc of the banana (lower edge, which is the inner support surface of the banana peel) represents the long-term trend support band that the deepest pullbacks in several bear markets typically touch or slightly breach.