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Legendary Trader Peter Brandt Issues Crucial Bitcoin Warning for Bulls
Gamza Khanzadaev
Peter Brandt Hints at Prolonged Pain with New Bitcoin Price Outlook as Market Loses $176 Billion
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Bitcoin (BTC) began Thursday with a dip to $57,300. The cryptocurrency is currently trading at its lowest level in nearly three months, since late April. Etherealthe second most capitalized cryptocurrency, started the day with a decline. But so did the rest of the market.
In the last 24 hours, positions worth $319.98 million were liquidated, and that’s without considering two more days since the beginning of the week. According to the preliminary results of the week, we can now declare a loss of $176 billion in capitalization for the entire cryptocurrency market.
Liquidation heat map of Coin glass
It is natural that such price action has caused general fear, uncertainty and doubt among market participants. Peter Brandt, a legendary trader and frequent commentator on current events in the financial markets, has volunteered to at least clarify the vision.
Attention, Bitcoin Bulls
In his outlook, Brandt highlighted a significant bearish pattern: the bear flag. Simply put, this pattern indicates potential further declines for BitcoinBrandt’s chart, a key component of his analysis, visually depicts this downtrend and signals caution to investors.
Source: Peter Brandt
“In the United States, our attention always shifts to the flags on the Fourth of July weekend,” Brandt observed, adding a touch of humor to his technical analysis.
As you can see, the mood painted by Brandt is not exactly bullish, which means that buyers may be in for a painful time in the market.
In either case, the trading legend’s outlook could help him brace for further downside. Whether or not that’s the case, we’ll only know for sure in hindsight.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated with a degree in finance and credit with a focus on securities and financial derivatives. He then completed a master’s degree in banking and asset management.
He wants to contribute to the discussion of economic and fintech topics, as well as inform more people about cryptocurrencies and blockchain.