• Legendary trader Peter Brandt is warning that Bitcoin (BTC) is showing the makings of a bearish pattern.
• Brandt says Bitcoin’s price action appears to indicate that a bearish pennant or flag pattern is developing, indicating another leg down is imminent.
• According to Brandt, Bitcoin will eventually hit a new all-time high and could be in for a 38-month cycle from its April 2021 peak, implying a new high somewhere around mid-2024.
Legendary Trader Peter Brandt Warns of Bearish Pattern
Legendary trader Peter Brandt is warning that Bitcoin (BTC) is showing the makings of a bearish pattern. Brandt tells his 696,600 Twitter followers that Bitcoin’s price action appears to indicate that a bearish pennant or flag pattern is developing, indicating another leg down is imminent. This type of pattern usually forecasts abrupt moves down before bouncing higher.
Implications for Short Term Price Action
Brandt suggests that there may be one more shake out break before prices thrust higher again. However he cautions against being dogmatic about any predictions and advises investors to protect their wallets when making decisions.
Potential for Long Term Growth
Although the short term outlook may appear bearish, Peter Brandt believes that BTC will eventually reach another all-time high in the long run. He shares a chart depicting BTC’s multiyear cycles of hitting new highs, making a bear market low and then making a new high which implies this could happen as soon as mid 2024.
Conclusion
Overall, while predicting short-term bearishness, Peter Brand believes that Bitcoin will eventually make it back up to an all time high once again in the long term given its historical patterns of growth over multiple years. Investors should take care when investing however and protect their wallets accordingly when trading cryptocurrency assets such as BTC.
Disclaimer
The opinions expressed in this article are not investment advice and investors should do their due diligence before making any high risk investments in Bitcoin or other digital assets