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Is Bitcoin Forming Double Top Pattern? Peter Brandt Weighs In

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Fri, 12/10/2021 - 06:50
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Alex Dovbnya
Peter Brandt has cautioned Bitcoin traders about the developing double top pattern
Is Bitcoin Forming Double Top Pattern? Peter Brandt Weighs In
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In a recent tweet, prominent trader Peter Brandt called attention to the ominous double top pattern that he thinks is being ignored by Bitcoin traders.

That said, he stressed that the pattern cannot be confirmed until it is completed, which is why bears shouldn’t get overly excited about the prospects of another massive correction.  

For now, the “double top” scenario is only of “passing interest” for Brandt. He has merely pointed out a developing pattern that could get bulls in trouble, stressing that it doesn’t necessarily represent his position or opinion.

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The largest cryptocurrency is changing hands at $48,192 after a 6% drop on Thursday.

Bitcoin is roughly 30% away from its all-time peak of $69,044 that was reached a month ago.  

As reported by U.Today, prominent value investor Louis Navellier recently predicted that the price of Bitcoin could collapse below $10,000 if the largest cryptocurrency were to complete the double top pattern.

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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.