Bitcoin (BTC) Exhibits Shakeout Pattern, Noteworthy Analysis by Trading Legend Peter Brandt
Renowned trader Peter Brandt is drawing attention to a potential bearish pattern forming in Bitcoin (BTC). He highlights the emergence of a bearish pennant or flag pattern in BTC’s price action, indicating a possible downward move in the near term. Brandt suggests that unless BTC surpasses the mid-point highs and invalidates the pattern, it could experience a short-term bearish phase. However, he also speculates that Bitcoin might encounter one more downward shakeout before bouncing back and moving higher.
Brandt emphasizes that his analysis is based on educated guessing, and cautioning against unwavering confidence in predictions. Despite the short-term outlook, Brandt believes that Bitcoin will eventually reach a new all-time high, supported by historical cycles that demonstrate the cryptocurrency’s ability to surpass previous peaks. In his past predictions, Brandt has expressed his belief in Bitcoin’s potential to outperform other digital assets in the long run.
Clever Robot News Desk 25th May 2023