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Legendary Trader Peter Brandt Reveals Real Concern About Bitcoin
Gamza Khanzadaev
Peter Brandt Warns Bitcoin’s Recent Bounce May Mask a Deeper Downtrend
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Legendary Trader Peter Brandt has a serious interpretation Bitcoin (BTC) recent price rebound. While impressed by the recent jump from $55,000 to $64,000, Brandt points out that the overall trend remains concerning. Despite the hype surrounding the halving and ETFs, the pattern of lower highs and lower lows is still in play.
Brandt, a well-known figure in trading with nearly 50 years of experience in the financial markets, shared his latest insights through a price chart. The chart shows that from March to today, Bitcoin has been unable to reach higher highs and continues to set lower lows. This ongoing pattern suggests a downtrend, although the current bounce looks promising.
In the next social media exchange, the trader discussed the possibility of a head and shoulders pattern forming on the cryptocurrency’s monthly chart. This pattern, known to signal potential market reversals, consists of three peaks: a higher peak (the head) between two lower peaks (the shoulders).
Source: Peter Brandt
Self Bitcoin If this pattern develops, it could indicate that a bearish reversal in the direction of prices could be on the horizon.
However, Brandt noted that while this pattern is a real consideration, it has not yet been confirmed. He stressed that the daily chart needs to show more evidence before people draw firm conclusions about the validity of the pattern.
The cautious tone of veterans’ trade is a reminder to remain vigilant, even with the recent positive move in BTC.
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.