Peter Brandt Says Bitcoin’s Chart Pattern Illustrates the Asset Is Set to Crash Further
The veteran futures trader has made yet another unfavorable prediction for Bitcoin.
Peter Brandt, a popular futures trader who has been outspoken about crypto price movements, has stated that there is a tendency that Bitcoin will soon continue its downward trend in the coming weeks.
The veteran futures trader shared a chart of Bitcoin’s price movement from April 2022 to date, which shows the top asset class moving in a Pennant pattern. According to the top trader chart, the BTC broke the previous pennant pattern downwards and fell from $33k to $20K.
“When it looks like a pennant and acts like a pennant it is often a pennant BTC,” Brandt tweeted.
When it looks like a pennant and acts like a pennant it is often a pennant $BTC pic.twitter.com/O7RtnvFSp0
— Peter Brandt (@PeterLBrandt) July 5, 2022
A Pennant pattern is a chart trend seen when an asset moves in an upward or downward direction, which is usually followed by a brief consolidation before moving in its previous direction.
Bitcoin Previous Movement Similar to a Pennant
In the chart shared by Brandt, the movement of Bitcoin between April 2022 to date shows that the asset class experienced a large downward movement and few consolidations before continuing on its downward path.
Apparently, Bitcoin has entered the consolidation phase, with Brandt expecting the top cryptocurrency to continue its downward movement.
Brandt’s Unfavorable Bitcoin Price Prediction
This is not the first time Brandt is making unfavorable price predictions for Bitcoin. The veteran cryptocurrency trader, who still thinks Bitcoin is yet to find a floor price, predicted that the digital currency could fall below $13,000.
Bitcoin has been trading at around $19,000 since the beginning of the month. At the time of writing this line, Bitcoin is trading at $19,570 and it is down 1% in the last 24 hours.
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