Legendary dealer Peter Brandt is warning that Bitcoin (BTC) is exhibiting the makings of a bearish sample.
Brandt tells his 696,600 Twitter followers that Bitcoin’s value motion seems to point {that a} bearish pennant or flag sample is creating, indicating one other leg down is imminent.
“This is called a pennant or flag and has short-term bearish implications except negated by shut above mid-point highs.”
Bearish pennant and flag patterns are each utilized in technical evaluation to forecast abrupt strikes down. They’re barely completely different patterns however have the identical normal end result.
Whereas predicting short-term bearishness, Brandt says Bitcoin will probably solely make yet one more transfer to the draw back earlier than bouncing larger.
“Maybe yet one more shake out break, then thrust larger. However hey, that’s only a guess, and guessing is the perfect we’ve got to supply. If anybody is dogmatic about their brilliance, flip and run, defending your pockets.”
In accordance with Brandt, Bitcoin will finally hit a brand new all-time excessive. He shares a chart depicting BTC’s multiyear cycles of hitting new highs, making a bear market low after which making a brand new excessive. Based mostly on historical past, Bitcoin may very well be in for a 38-month cycle from its April 2021 peak, which might suggest a brand new excessive someplace round mid-2024.
Brandt has beforehand predicted that Bitcoin will in the end outperform all different digital property.
Bitcoin is buying and selling for $26,308 at time of writing, down 3.6% over the last 24 hours.
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