Bitcoin (BTC) Shakeout Pattern: Legendary Trader Peter Brandts Outlook

Bitcoin (BTC) Shakeout Pattern: Legendary Trader Peter Brandts Outlook

Legendary trader Peter Brandt warns that Bitcoin is showing signs of a bearish pattern, indicating another leg down is imminent, but predicts that Bitcoin will eventually hit a new all-time high based on its multiyear cycles.

Legendary trader Peter Brandt is warning that Bitcoin (BTC) is showing the makings of a bearish pattern.

Brandt tells his 696,600 Twitter followers that BTC’s price action seems to indicate that a bearish pennant or flag pattern is developing, indicating another leg down is imminent.

“This is well-known as a pennant or flag and has short-term bearish implications unless negated by close over mid-point highs.”

Bearish pennant and flag patterns are both used in technical analysis to forecast abrupt moves down. They are slightly different patterns but have the same general result.

Although while predicting short-term bearishness, Brandt reveals Bitcoin (BTC) will likely only make one more move to the downside before bouncing higher.

“Perhaps one more shake out break, then thrust higher. On the other hand, hey, that’s just a guess, and guessing is the best we have to offer. If anyone is dogmatic about their brilliance, turn  and run, protecting your wallet.”

Source: Peter Brandt/Twitter

Reports by Brandt, Bitcoin (BTC) will sooner or  thereafter hit a new record-breaking peak. He shares a chart depicting Bitcoin’s multiyear cycles of hitting new highs, making a bear market low and then making a new high. According to history, Bitcoin (BTC) may be in for a 38- 30 days cycle from its April 2021 peak, which would imply a new high somewhere around mid-2024.

Source: Peter Brandt/Twitter

Brandt has previouslypredicted that Bitcoin (BTC) will in the end outperform all other digital assets.

Bitcoin (BTC) is trading for $26,308 at the moment of writing, down 3.6 percent during the last 24 hours.

Featured Image: Shutterstock/NeoLeo


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