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Bitcoin (BTC) Down to Almost Two-Month Low of $26,378 After Peter Brandt's Warning

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Fri, 12/05/2023 - 10:56
Bitcoin (BTC) Down to Almost Two-Month Low of $26,378 After Peter Brandt's Warning
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Bloomberg Terminal data shows that the flagship cryptocurrency, Bitcoin, has almost reached a two-month low, now trading at the $26,372 level.

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Previously, Bitcoin was seen at that price mark in the middle of March, more or less two months ago. As reported by U.Today earlier, over $142 million worth of cryptocurrencies, including Bitcoin, Ethereum and PEPE meme coin, have been noticed recently.

These liquidations have pushed BTC down 4% within the last 24 hours. Ethereum has fallen to $1,746, also losing more than 4% over the past 24 hours.

Bitcoin has been going down since May 10, the day when the CPI report came out with a lower figure than had been expected by analysts. This fostered the probability that the Federal Reserve would put its rate hikes on hold, and Bitcoin recovered the $28,000 level.

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Crypto Market Liquidation Tops $142 Million, Here Are Worst-Hit Coins

It is likely that traders began to lock in their profits after that peak and began to sell their BTC. Besides, prominent old-school commodity trader Peter Brandt, respected in the crypto community, tweeted that he had spotted a Head & Shoulders pattern forming on the Bitcoin chart.

If that pattern is completed, he stated, Bitcoin is going to plunge. All in all, since May 10, Bitcoin has lost nearly 7% in price.

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