Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Renowned veteran trader Peter Brandt has raised concerns about the future trajectory of Bitcoin's price, painting a potentially ominous picture for investors. In a recent market analysis, Brandt shared a Bitcoin price chart that indicates a right-angled broadening triangle pattern, a harbinger of a downward reversal.
Gamza KhanzadaevBrandt, known for his extensive experience in the trading world, emphasized the reliability hierarchy of charts. His assertion is based on the completion of a right-angled broadening triangle, a pattern characterized by two diverging lines with support as a horizontal line and resistance as an oblique bullish one.
This pattern, often reflective of growing investor nervousness and indecision, can trap unsuspecting investors if not identified promptly. The formation of a right-angled broadening triangle typically follows a bullish movement. In Bitcoin's case, this movement occurred before the Bitcoin ETF ruling and the significant drop in quotes due to Grayscale's massive sell-offs.
The hope
Despite the triangle's appearance as a reversal pattern, Brandt's view suggests it may signal a lack of buyers sustaining the bullish movement. Consequently, he foresees a further decline in Bitcoin's price unless a crucial threshold is breached. The trader emphasized that the bearish forecast could be negated if BTC manages to break above the $42,400 level.
Alex DovbnyaIn a market where uncertainty looms, Brandt's warning adds a layer of caution for investors. However, amid the concerns, there is a glimpse of hope tied to the pivotal level.
Tomiwabold Olajide
Denys Serhiichuk
Dan Burgin
Alex Dovbnya
Vladislav Sopov