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In a recent social media post, prominent commodity trader Peter Brandt named three main reasons why Bitcoin bulls should be worried.
For starters, he mentioned that the largest cryptocurrency has been forming a series of lower highs and lower lows. This is a bearish signal that typically indicates waning market optimism. Such a formation can often be interpreted as a trend reversal.
As noted by Brandt, the downward slope of lows "shows a lack of energy." It is worth noting that a downward slope is typically indicative of a downtrend.
Finally, Brandt, who is considered to be one of the most experienced classical chartists in the world, mentioned that there has been no other post-halving period in Bitcoin history when a new all-time high (ATH) has taken this long.
Tomiwabold OlajideThe famed trader went on to explain that he measures the current Bitcoin cycle by starting at the low of the previous bear market in November 2022.
At press time, Bitcoin is changing hands at $58,164, according to CoinGecko data. September has historically been the cryptocurrency's worst-performing month. As of recently, Bitcoin has been suffering from underwhelming ETF flows. Last week, for instance, BlackRock's IBIT recorded outflows for the second time since its launch.
As reported by U.Today, Brandt previously forecasted that the flagship cryptocurrency could skyrocket to $150,000 during this cycle. However, he also did not rule out that Bitcoin could have peaked back in March. The latter scenario had a 25% probability as of June. This would start a phase of "exponential decay" for the leading cryptocurrency.
Arman Shirinyan
