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Bitcoin Price Could Form Major Bearish Pattern, According to Trading Legend Peter Brandt

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  • Alex Dovbnya
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    Peter Brandt predicts more woes for the bulls as Bitcoin is about to form the ominous head-and-shoulders pattern

Bitcoin Price Could Form Major Bearish Pattern, According to Trading Legend Peter Brandt
Cover image via www.realvisionresearch.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Commodity trading vet Peter Brandt says that Bitcoin could be forming a head-and-shoulders pattern, a formation that has the shape of a head with two shoulders that is useful for spotting bearish reversals. However, he is not sure whether the peaks that were recorded in June, July, and August can be considered "a valid H&S top."

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It's purge time for the bulls

As reported by U.Today, Brandt claimed that Bitcoin bulls needed to be "purged" before the top cryptocurrency makes a rocket move to the $50,000 target. Even though the trader is himself a Bitcoin maximalist, he believes that it would be a good buying opportunity if all bulls just disappeared from Twitter. It seems like Brandt will be stacking stats from now on unless BTC collapses to just below $2,800.

Back in September, Brandt said that BTC could bottom out at $5,500 in February 2020 before going to $50,000 in the long-term. Prior to that, he made a wide claim that Bitcoin had entered its fourth parabolic phase, but he had to change his forecast after BTC broke below the lower support of the great descending triangle and plunged 20 percent on Sept. 25. 

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Bitcoin Is Forming

Bitcoin massacre

As of recently, Bitcoin has been incredibly successful at ruthlessly purging all the bulls on Twitter. The BTC price has recently crashed to just $6,555, down nine percent over the last 24 hours. The crypto king has had its fourth consecutive negative weekly close for the first time since 2016.  

Bitcoin Price
image by coinstats.app

At this point, Bitcoin bulls will have a very hard time rebounding from this massacre.   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an 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.

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Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls

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  • Alex Dovbnya
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    The Bitcoin price could soon touch $7,800 if bulls persist, but this move could be a short-lived one

Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls
Cover image via u.today

Popular crypto trader Wendy O recently predicted that the price of Bitcoin would "rocket up" if it managed to surge above the $7,400 level. 

Bitcoin Price
image by @CryptoWendyO

Shortly after that, the BTC price did rise above the aforementioned level, currently sitting at $7,444, according to CoinStats data

Bitcoin Price
image by coinstats.app

If the aforementioned forecast turns out to be accurate, Bitcoin traders could soon see another fakeout, which would be similar to the one that took place on Dec. 4. As reported by U.Today, BTC printed a massive green candle in less than a minute, but this unexpected pump quickly evaporated.     

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Earlier today, multiple traders predicted that Bitcoin was about to make a big move in either direction, but $7,800 seems to be the main area of interest for them. The leading cryptocurrency hasn't touch this level since Nov. 30. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an 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.

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