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.”

Image
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.

Image
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



Source

Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.
READ NOW
Unleashing the Crypto Boom: DeeLance, TRON, and Avalanche Lead the Charge!




Follow us

Latest Crypto News

Share via
Share via
Send this to a friend