Legendary Trader Peter Brandt Says Bitcoin (BTC) Forming Bearish Pattern – But There’s a Catch

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Leg­endary com­modi­ties trad­er Peter Brandt says Bit­coin (BTC) is form­ing a clas­sic bear­ish pat­tern, hint­ing at low­er prices for the lead­ing cryp­to asset by mar­ket cap.

In a tweet to his 672,000 Twit­ter fol­low­ers, Brandt says that Bit­coin is form­ing a ris­ing wedge, a price action pat­tern that tra­di­tion­al­ly sug­gests an even­tu­al dip to the down­side after completion.

How­ev­er, the trad­er says there’s two caveats that come with BTC’s bear­ish price action.

“Pat­tern for­ma­tion in progress — Ris­ing wedge in BTC.

Caveats:
-Most form­ing pat­terns morph into some­thing else.
-Even if it is a ris­ing wedge, it must first be completed.”

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Source: Peter Brandt/Twitter

Brandt also says that judg­ing by how many peo­ple agree with his take, the pat­tern might be too obvi­ous, and des­tined to fail.

“Too many peo­ple are agree­ing with me. That makes me think that mor­phol­o­gy may be most like­ly, but we will see.”

Fel­low cryp­to ana­lyst Kaleo also sug­gest­ed a pull­back could be in store for Bit­coin, with a price tar­get around $21,000 before it moves anoth­er leg upward to around $28,000.

“Bit­coin / BTC

Just rip the bandaid off already plz.

I’m ready to see my time­line go into mass hys­te­ria again and start call­ing for sub $10K because they have so much PTSD from the pre­vi­ous dips – only to flip bull­ish again a few days lat­er when we reclaim cur­rent levels.”

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Source: Kaleo/Twitter

The pseu­do­ny­mous ana­lyst says that the stock mar­ket see­ing more red days recent­ly could be the cat­a­lyst that pulls BTC down for a local low.

“Stonks have con­tin­ued low­er since the close yes­ter­day in the pre­mar­ket, and Bit­coin looks weak­er – but still hasn’t had a sharp move quite yet.

Shouldn’t be much longer before the weak­ness gives and we get our low­er bids filled.”

At time of writ­ing, BTC is trad­ing for $23,874.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Fea­tured Image: Shutterstock/GoodStudio



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