Renowned Trader Peter Brandt Expresses Genuine Worries About Bitcoin
Renowned trader Peter Brandt has offered a thought-provoking perspective on the recent surge in Bitcoin’s price. Despite the notable increase from $55,000 to $64,000, Brandt highlights a concerning underlying trend. Despite the buzz surrounding factors like the halving and ETFs, the consistent pattern of lower highs and lower lows persists.
With almost five decades of experience in trading, Brandt conveyed his latest insights using a price chart. The chart illustrates that since March, Bitcoin has failed to achieve higher highs and continues to establish lower lows. This ongoing trend indicates a bearish trajectory, although the current rebound appears promising.
In a subsequent exchange on social media, the trader delved into the potential formation of a head and shoulders pattern on Bitcoin’s monthly chart. This pattern, known for signaling possible market reversals, comprises three peaks: a higher peak (the head) sandwiched between two lower peaks (the shoulders).
Should Bitcoin conform to this pattern, it might signify an impending bearish shift in price direction. However, Brandt cautioned that while the pattern is a valid consideration, its confirmation is pending. He stressed the necessity for the daily chart to provide further substantiation before any definitive conclusions are drawn regarding the pattern’s validity.
Brandt’s prudent approach serves as a reminder to remain vigilant, even amidst the recent positive movement of BTC.
