Main navigation

Bitcoin Chart Is "Decisively Negative," Says Legendary Trader Peter Brandt

News
Thu, 07/01/2021 - 15:59
article image
Alex Dovbnya
Peter Brandt has named the key level that bulls need to hold
Bitcoin Chart Is "Decisively Negative," Says Legendary Trader Peter Brandt
Cover image via www.youtube.com
Read U.TODAY on
Google News

Veteran commodity trader Peter Brandt claims that Bitcoin’s daily chart looks “decisively negative” in a recent tweet.

The trading guru singles out $29,000 as the key level that bulls have to hold: 

The burden of proof is on the bulls unless they can keep BTC above $29,000.

Brandt
Image by @PeterLBrandt

So far, a bearish rectangle pattern—which has been forming for the past five weeks—is posing a major hurdle to Bitcoin recovery, according to Brandt.

Related
Dogecoin More Sensitive to Social Media Mentions Than Bitcoin: IBM Data

The worst quarter since 2018    

The flagship cryptocurrency is currently changing hands at $33,571 on the Bitstamp exchange after the most recent relief bounce ended up being a flash in the pan.      

The second quarter of 2021 proved to be extremely volatile for the flagship cryptocurrency.

Bitcoin started Q2 with a bang, scoring a new all-time high of $64,895 on Apr. 14, but bulls’ reign didn’t last long. In May, Bitcoin scored its third-biggest monthly drop in its entire history due to a double-whammy of Tesla’s U-turn and China’s ramped-up crackdown.        

With the Chinese ban and the “great mining migration” dominating news coverage throughout June, bears remained firmly in control.  

Bitcoin has now recorded three consecutive months in the red, scoring its worst quarter since Q4 2018 (the bottom of the previous bear market).       

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.