Despite a ‘hurricane’ of monetary mayhem, Bitcoin (BTC) remains bearish, which seems concerning to commodity trading veteran Peter Brandt. According to his chart, BTC could soon nose-dive to as low as the upper-$2,000 level if it completes a bear flag.
Bitcoin is in serious danger of another sell-off
The above-mentioned pattern is formed after a strong downward move. BTC plunged by 48 percent on March 12 (its third-biggest drop in history). The bear flag spotted by Brandt signals the continuation of the bearish trend, which is good news for those bears who missed out on the previous sell-off.
Earlier, Brandt opined that Bitcoin had a higher chance of tanking all the way to $0 than hitting the pie-in-the-sky $100,000 target.
At press time, BTC is trading right at $5,913 after a brutal rejection at $7,000.
Tuur Demeester is not afraid of the bears
During his Twitter conversation with Brandt, Tuur Demeester of Adamant Capital explained that BTC was ‘extremely saleable’ due to the ongoing liquidity crisis. However, once people realize that their money is getting devalued, they will flock to Bitcoin.
Demeester also mentioned that the bearish technical picture wouldn’t change his bullish stance on Bitcoin if its fundamentals remain the same.