Bitcoin (BTC) Halving and ETF Hype Aside, Peter Brandt Warns the Downtrend Trend Is Still in Play
- WBOYOriginal
- 2024-07-20 09:24:19998browse
Legendary trader Peter Brandt has a sobering take on Bitcoin's (BTC) recent price bounce. While he is impressed by the recent jump from $55,000 to $64,000, Brandt points out that the overall trend remains troubling.
Legendary trader Peter Brandt has shared his thoughts on Bitcoin's recent price rally, warning that the overall trend remains bearish despite the impressive bounce.
Brandt, who has nearly 50 years of experience in financial markets, highlighted the sequence of lower highs and lower lows in a price chart, indicating a downtrend.
While the recent surge from $55,000 to $64,000 is significant, the broader trend remains concerning, according to the veteran trader.
Brandt's analysis suggests that the market is yet to establish a bullish structure, and the recent rally may be part of a larger corrective wave within the downtrend.
His observations come as Bitcoin's halving and the launch of ETFs have sparked optimism among traders, leading to a strong rally in the second half of 2023.
However, Brandt's analysis focuses on the technical aspects of the price chart, highlighting the ongoing downtrend despite the recent rally.
In a subsequent social media exchange, the trader discussed the possibility of a head and shoulders pattern forming on the cryptocurrency's monthly chart.
This pattern, known for signaling potential market reversals, consists of three peaks: a higher peak (the head) sandwiched between two lower peaks (the shoulders).
If Bitcoin were to develop this pattern, it could indicate that a bearish shift in price direction might be on the horizon.
However, Brandt noted that this pattern is not yet confirmed and that the daily chart needs to show further evidence before people draw any definitive conclusions.
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