Legendary trader Peter Brandt says Bitcoin (BTC) is forming a bearish pattern – but there’s a catch
Legendary commodities trader Peter Brandt says Bitcoin (BTC) is forming a classic bearish pattern, suggesting lower prices for the leading crypto asset by market capitalization.
In a tweet to his 672,000 Twitter followers, Brandt says that Bitcoin is forming a rising wedge, a price action pattern that traditionally suggests a possible downside after completion.
However, the trader says there are two caveats that come with BTC’s bearish price action.
“Pattern Formation in Progress – Rising Wedge in BTC.
Warnings:
-Most shaping patterns transform into something else.
-Even if it is a rising wedge, it must first be completed.
Brandt also says that depending on how many people agree with his opinion, the pattern may be too obvious and destined to fail.
– Too many people agree with me. It makes me think that morphology might be the most likely, but we’ll see.”
Another crypto analyst Kaleo also suggested that a pullback could be in store for Bitcoin, with a price target around $21,000 before moving another leg upwards to around $28,000.
“Bitcoin/BTC
Just rip the bandaid off already plz.
I’m ready to see my timeline go into mass hysteria again and start charging less than $10,000 because they have so much PTSD from the previous drops – only to turn bullish again a few days later when we regain current levels.”
The pseudonymous analyst says that the stock market that has seen several red days recently could be the catalyst that pulls BTC down for a local low.
“Stonks have remained lower since the close yesterday in the premarket and Bitcoin is looking weaker – but still hasn’t had a sharp move yet.
It shouldn’t be much longer before the weakness gives way and we get our lower bids filled.”
At the time of writing, BTC is trading at $23,874.
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