Bitcoin (BTC) Price Slumps Below $56K as Veteran Trader Peter Brandt Predicts a Dip to $46K

BTC price has been on investors' radar lately, with crypto recently falling below the $56,000 mark. Amid this, veteran trader and crypto market expert Peter Brandt has once again shared a bearish outlook for Bitcoin (BTC), predicting a potential dip to $46,000.

Veteran trader Peter Brandt has predicted a potential dip in BTC price to $46,000, highlighting an “inverted expanding triangle” formation on a price chart. This bearish pattern indicates stronger selling pressure, making a robust push to a new all-time high crucial to reignite the bull market.

Moreover, his observations suggest that the crypto's current lack of momentum could prolong the ongoing price slump, adding to growing concerns among traders and investors who are closely monitoring the crypto's next moves.

Now, let's look at the potential reasons behind today's drop in BTC prices.

Crypto Market Awaits US Job Data

The financial market is eagerly waiting for the US non-farm payroll data, which is scheduled to be released tomorrow by the Labor Department. This is one of the crucial economic data before the September gathering of the US Federal Reserve.

In other words, the US Job data is expected to shape the market sentiment, while providing further clarity on the potential Fed's rate cut stance. Although the market is betting on a 25 bps rate cut by the central bank, the investors appear to be taking a pause before the crucial economic insights.

Recent Whale Dump

A flurry of investors are exiting the Bitcoin market, booking profits amid the heightened volatile scenario in the market. According to a Lookonchain report, a smart whale recently dumped 680 BTC, worth $38.77 million.

The whale bagged 4,562 BTC, worth around $120.66 million, at $26,449 since December 2022. However, since then, he has started offloading the crypto, which many market watchers see as a profit-booking strategy. With his recent dump, the smart whale has offloaded 3,938 BTC, valued at around $181 million, at $45,066.

Waning Momentum In Bitcoin ETF Market

The US Spot Bitcoin ETF has shown a gloomy performance in recent days, which has likely sparked concerns among investors. According to Farside Investors data, the overall outflow in the US BTC ETF totaled $325 million.

Over the last six trading days, the total outflow in the investment instrument totaled over $800 million. This waning momentum appears to have spooked the investors, further adding pressure on BTC price.

Bitcoin's Historical Performance In September

September has been historically a challenging month for the flagship crypto. According to CoinGlass data, the crypto has only stayed in the green three times since 2013 in this month. Several market experts are keeping a distance from crypto due to market FUD.

Meanwhile, several market trends indicate that BTC could defy September downtrend. However, despite that, the recent bearish momentum along with the gloomy outlook from experts might have dampened the investors’ sentiment.

What's Next For BTC Price?

As of writing, BTC is trading at $55,978, down by 3.65% from yesterday, with its trading volume dropping 14% to $30.93 billion. Over the last 24 hours, the crypto has touched a low of $55,841. Simultaneously, the BTC Futures Open Interest (OI) fell over 3% to $28.98 billion, indicating the waning interest of the traders.

A recent Bitcoin price analysis indicates that the crypto could plunge to $50,000 if the bear momentum continues. This has further sparked speculations, especially after the recent gloomy outlook from Peter Brandt.

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