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Legendary Trader Warns of Potential Bitcoin Collapse

Thu, 05/11/2023 - 09:55
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Alex Dovbnya
Legendary trader Peter Brandt recently issued stark warning to Bitcoin investors
Legendary Trader Warns of Potential Bitcoin Collapse
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Peter Brandt, a prominent trader and respected figure in the crypto world, recently sounded the alarm about a potential Bitcoin (BTC) collapse.

In a recent tweet, Brandt highlighted a "head and shoulders" pattern on Bitcoin's price chart, a signal that, if completed, could spell trouble for the leading cryptocurrency.

At press time, Bitcoin's price stands at $27,434.88, according to data from CoinGecko, with a 24-hour trading volume of over $22 billion.

The "head and shoulders" pattern is a technical analysis charting pattern that signals a potential reversal in price trends. It consists of a peak (shoulder), followed by a higher peak (head) and then another lower peak (shoulder).

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The completion of this pattern, which Brandt suggests Bitcoin is approaching, often indicates that a security's price is set to fall, implying that Bitcoin could be on the verge of a significant downturn.

Interestingly, Bitcoin's price saw a spike after the latest CPI report, suggesting an easing of inflation rates. The flagship cryptocurrency reached an intraday high of $28,883 on May 10, only to erase some of its gains later in the day.

However, Bitcoin briefly fell below $27,000 amid concerns about market liquidity. Bloomberg attributed the drop to declining participation from institutional market makers.

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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