Renowned Veteran Trader Peter Brandt has raised concerns about the future trajectory of Bitcoin’s price, painting a potentially ominous picture for investors. In a recent market analysis, Brandt shared a Bitcoin price chart indicating a right-angled widening triangle pattern, a harbinger of a bearish reversal.
Renowned Veteran Trader Peter Brandt has raised concerns about the future trajectory of Bitcoin’s price, painting a potentially ominous picture for investors. In a recent market analysis, Brandt shared a Bitcoin price chart indicating a right-angled widening triangle pattern, a harbinger of a bearish reversal.
Brandt, known for his extensive experience in the world of trading, emphasized the hierarchy of chart reliability. His claim is based on the completion of a widening right triangle, a pattern characterized by two diverging lines with support as a horizontal line and resistance as an oblique bullish line.
This pattern, which often reflects growing investor nervousness and indecision, can catch investors off guard if not identified promptly. The formation of a widening right triangle typically follows a bullish move. In the case of Bitcoin, this move occurred before the Bitcoin ETF ruling and the significant drop in quotes due to Grayscale sell-offs.
The hope
Despite the triangle’s appearance as a reversal pattern, Brandt’s view suggests that it may indicate a lack of buyers to sustain the bullish move. Consequently, he foresees a further decline in the price of Bitcoin unless a crucial threshold is crossed. The trader emphasized that the bearish forecast could be nullified if BTC manages to break above the $42,400 level.
In a market where uncertainty looms, Brandt’s warning adds a layer of caution for investors. However, amidst the concerns, there is a glimmer of hope linked to the fundamental level.