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Old-school commodities trader Peter L. Brandt, who has been in the business since the mid-1970s, has published a tweet where he showed two bearish patterns he spotted on a Bitcoin chart.
He believes that Bitcoin is likely to decline now, debating an opposite position suggested by ChatGPT.
Alex DovbnyaBearish price drop unless this happens; AI disagrees
The trader offered to the crypto community on the X platform his interpretation of a Bitcoin chart, which he believes to be bearish. Brandt has identified a double top pattern and a pennant formation on this graph. Both suggest that the price of the world’s largest cryptocurrency, Bitcoin, is likely to display a large decline soon unless BTC recaptures the crucial $95,321 level to attempt to go higher and eventually turn positive.
Brandt stated that the market has completed a double top and then saw the top retested by the pennant formation, which was completed later, confirming a bearish forecast. “Don't shoot the messenger,” the trader wrote in the tweet.
A commentator responded, saying he had consulted ChatGPT on this chart and the AI bot has not detected a pennant formation as of today’s Bitcoin price. To that, the renowned trader replied: “My trading rules could care less what AI says.”
Since Monday, March 3, Bitcoin has lost more than 11% of its value, crashing from the $93,500 zone and landing at $82,250 as of press time. Over the past 24 hours, it has added 2.5%, pushing away from $80,300.
Yuri MolchanRobert Kiyosaki slams Bitcoin ETFs as "fake"
Over the weekend, a renowned Bitcoin proponent and the author of the famous book “Rich Dad Poor Dad,” Robert Kiyosaki, also shared his take on what is happening in the market now and where Bitcoin's place is at the moment and in the future.
Kiyosaki yet again stated that “the biggest stock market crash” has arrived (the one he predicted in 2014, allegedly), and now it is “wiping out the futures of millions of baby boomers worldwide.”
This crash is likely to detain the 401k pension program of many baby boomers, he said, thanks to the recent manipulations of “banksters” and the current educational system.
A way out here, per Kiyosaki, is to buy Bitcoin, real gold and silver. But he cautioned investors against buying any sort of ETFs based on those assets, slamming them as fake.
Dan Burgin
Vladislav Sopov