Bitcoin Crash Ahead? Veteran Trader Peter Brandt Predicts Short-Term Bearish Trend

Bitcoin Crash Ahead? Veteran Trader Peter Brandt Predicts Short-Term Bearish Trend


Renowned trader Peter Brandt shares a short-term bearish outlook on Bitcoin due to a chart pattern known as a pennant or flag, increasing the likelihood of further downward movement unless there is a substantial rally above the mid-point highs.

Renowned trader Peter Brandt, recognized for his astute market analysis, has shared a short-term bearish outlook on Bitcoin. In a recent tweet, Brandt pointed to a chart pattern known as a pennant or flag, commonly associated with a bearish tendency in the near term unless there is a substantial rally over the mid-point highs.

Bitcoin Price Prediction:

BTC’s current consolidation phase is giving boost to a broadly recognized bearish pattern, thereby increasing the possibility of further downward movement. If a whole lot of breakdown occurs below certain levels, it  can potentially trigger the bearish pattern and potentially lead to a decline in price.

On the other hand, the validity of this bearish outlook would be questioned if the price manages to surpass over 27,000 mark. His analysis signifies a cautious stance on BTC’s price trajectory.

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Recently he predicted that Bitcoin (BTC) price fall below $25000 as volatility and uncertainty boost amid United States debt ceiling crisis. Adding to the prevailing market concerns, on May 22, Brandt highlighted the ongoing United States debt ceiling talks as a whole lot of factor.

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Bitcoin Price and United States Economy

President Joe Biden and Republicans failed to reach a consensus in earlier sessions, heightening worldwide market apprehension.

At the beginning, such a scenario could likewise impact the digital currency market. Nonetheless, Brandt implies that Bitcoin (BTC) may experience a sudden boost owing to the  dangers posed to the United States dollar dominance and treasury bonds.

The combination of potential price hikes and banking crises persists to cast its shadow on the market and investors. These factors, coupled with the uncertainty surrounding the United States debt ceiling talks, contribute to the overall cautionary sentiment expressed by Peter Brandt regarding BTC’s short-term prospects.

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Latest BTC  Price Prediction

As of the time of writing, BTC’s current price stands at $26,798.17, reflecting a 1.86 percent decline. Market participants closely monitor these developments and remain vigilant amid the dynamic nature of the digital currency market and its interplay with worldwide economic factors.



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