In a recent social media post, commodity trader Peter Brandt noted that Bitcoin is in the process of forming a series of lower highs and lower lows.
This pattern tends to signal a bullish-to-bearish trend reversal in almost all markets.
According to Brandt, only "a meaningful close" above the July highs would be able to change this sequence.
Bitcoin is currently trading at $63,616, according to CoinGecko data. The leading cryptocurrency has slipped by 0.9% over the past 24 hours.
As reported by U.Today, Brandt recently predicted that Bitcoin would be able to substantially outperform gold.
However, he also warned that the largest cryptocurrency was in the process of forming a series of lower highs and lower lows earlier this month.
Prior to that, Brandt also predicted that the price of the leading cryptocurrency might surge to as high as the much-coveted $150,000 level during the peak of the current bullish cycle.
As reported by U.Today, the U.S. Federal Reserve recently chose to cut the benchmark interest rate by as many as 50 basis points. This somehow shocking move pushed the price of the bellwether cryptocurrency higher, reviving the struggling cryptocurrency market. Now, Bitcoin seems to be poised to finish this month, defying the odds.
However, reclaiming Bitcoin's current all-time high will be an uphill battle for the bulls. Bitcoin managed to surge above $73,000 in March due to strong investor enthusiasm surrounding the monumental success of exchange-traded funds. Bitcoin will need a new power catalyst beyond the macro tailwind for another attempt to reclaim its current all-time high.
Arman Shirinyan
Dan Burgin
Vladislav Sopov