Legendary trader Peter Brandt isย warning that Bitcoinย (BTC) is showing the makings of a bearish pattern.
Brandt tells his 696,600 Twitter followers that BTCโs price action seemsย to indicate that a bearish pennant or flag pattern is developing, indicating another leg down is imminent.
โThis isย well-known as a pennant or flag and has short-term bearish implications unless negated by close over mid-point highs.โ
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.
Althoughย while predicting short-term bearishness, Brandt reveals Bitcoinย (BTC) will likely only make one more move to the downside before bouncing higher.
โPerhaps one more shake out break, then thrust higher. Onย theย otherย hand, hey, thatโs just a guess, and guessing is the best we have to offer. If anyone is dogmatic about their brilliance, turnย and run, protecting your wallet.โ
Reportsย by Brandt, Bitcoinย (BTC) will soonerย orย thereafter hit a new record-breakingย peak. He shares a chart depicting Bitcoinโs multiyear cycles of hitting new highs, making a bear market low and then making a new high. Accordingย to history, Bitcoinย (BTC) mayย be in for a 38- 30ย days cycle from its April 2021 peak, which would imply a new high somewhere around mid-2024.
Brandt has previouslypredicted that Bitcoinย (BTC) will inย theย end outperform all other digital assets.
Bitcoinย (BTC) is trading for $26,308 atย theย momentย ofย writing, down 3.6 percent during the last 24 hours.
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