According to Peter Brandt, president of Trader and Factor LLC, Bitcoin will test the $28,000 level.

Completing a bearish channel typically results in a drop equal to the width of the channel, or in this case a tough test of 32,000 – my guess is 28,000
That doesn’t make me a hater $BTC pic.twitter.com/tTtuALZvSt

— Peter Brandt (@PeterLBrandt) April 30, 2022

The expert drew attention to the pattern formed by the price of the first cryptocurrency since the beginning of the year and the breaking of its lower limit.

“Completion of a bearish channel usually results in a drop equal to its width. In this case, it’s a tough test of $32,000, but up to $28,000 I think,” Brandt said.

He stressed that the estimate does not make him an “anti-bitcoin”.

On May 1, the prices of the first cryptocurrency updated the local minimum to below $38,000.

In April, Arthur Hayes, former CEO and co-founder of BitMEX exchange, predicted that Bitcoin would drop to $30,000 by the end of the first half of the year. He attributed this to a possible drop in the Nasdaq 100 (NDX), with which digital gold is highly correlated.

Analysts at Arcane Research have confirmed that the statistical correlation between Bitcoin and the Nasdaq index has reached its highest level since July 2020.

However, by the end of the year, fintech experts surveyed by Finder expect the prices of the leading cryptocurrency to be above $65,000 and subsequent growth.

Hayes also has no doubts about bitcoin’s prospects, which predicts that the price will rise to $1 million by the end of the decade.

Recall that digital gold will return to its bull market phase in May 2024, according to Brandt.