Main navigation

There Is Still Hope for Bitcoin Bulls, According to Peter Brandt

Wed, 10/27/2021 - 18:14
article image
Alex Dovbnya
Is Bitcoin about to enter another bear market? Peter Brandt shares his take
There Is Still Hope for Bitcoin Bulls, According to Peter Brandt
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

In a recent tweet, veteran commodity trader Peter Brandt writes that the menacing head-and-shoulders pattern, which has formed on Bitcoin’s four-hour chart, could end up failing.

Earlier today, Bitcoin plunged to $58,000, its lowest level since Oct. 15. The sudden plunge has stoked fears of another bear market.

The top cryptocurrency is down 13.3% from its all-time high of $67,000 that was reached on Oct. 20.

The ominous head-and-shoulder formation appeared after buyers failed to gain ground above the $63,000 resistance level and retain the most recent peak.  

Peter Brandt
Image by tradingview.com

If the current run ends up exhausting itself, Brandt expects a larger congestion pattern to form.

Related
Bridgewater's Ray Dalio Chooses Gold Over Bitcoin

An ETF for shorting Bitcoin

With some analysts clamoring about the overheated Bitcoin market, investment firms are coming up with ingenuine ways of shorting the largest cryptocurrency.

Meanwhile, Alexandria-based Direxion, which is known for its leveraged exchange-traded products, recently filed to launch an ETF that will short the price of CME’s Bitcoin futures contracts.

article image
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.