Bitcoin (BTC) on Brink as Legendary Trader Brandt Warns About Ominous Pattern

1 month ago 27992

ARTICLE AD BOX

Alex Dovbnya

Peter Brandt has shared a doom-laden Bitcoin chart that spells some trouble for the bulls

Bitcoin (BTC) on Brink as Legendary Trader Brandt Warns About Ominous Pattern

Cover image via U.Today

In a recent social media post, commodity trader Peter Brandt noted that Bitcoin is in the process of forming a series of lower highs and lower lows.

Bitcoin ($BTCUSD) continues to be in a sequence of lower highs and lower lows. Only a meaningful close above the Jul highs would change this sequence and official complete the 6-month expanding triangle pic.twitter.com/GaSBWZRoE6

— Peter Brandt (@PeterLBrandt) September 25, 2024

This pattern tends to signal a bullish-to-bearish trend reversal in almost all markets.

According to Brandt, only "a meaningful close" above the July highs would be able to change this sequence.

Bitcoin is currently trading at $63,616, according to CoinGecko data. The leading cryptocurrency has slipped by 0.9% over the past 24 hours.

As reported by U.Today, Brandt recently predicted that Bitcoin would be able to substantially outperform gold.

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].