HomeBitcoinLegendary Trader Peter Brandt Says Bitcoin (BTC) Is Forming A Shaking Pattern...

Legendary Trader Peter Brandt Says Bitcoin (BTC) Is Forming A Shaking Pattern – Here’s His Perspective


Legendary trader Peter Brandt warns that Bitcoin (BTC) is showing the characteristics of a bearish pattern.

Brandt says His 696,600 followers on Twitter that Bitcoin price action seems to indicate that a pennant or bear flag pattern is developing, signaling that another drop is imminent.

“This is known as a pennant or flag and has short-term bearish implications unless negated by a close above the midpoint highs.”

Source: Peter Brandt/Twitter

Bearish pennant and flag patterns are used in technical analysis to forecast sharp downward moves. They are slightly different patterns but have the same general result.

Predicting the short-term downtrend, Brandt says that Bitcoin will probably only do one move lower before bouncing higher.

“Maybe one more break to shake, then push higher. But hey, that’s just a guess, and guessing is the best we have to offer. If anyone is dogmatic about his brilliance, turn around and run, protecting your wallet.”

Source: Peter Brandt/Twitter

According to Brandt, Bitcoin will eventually hit a new all-time high. He shares a chart showing BTC’s multi-year cycles of making new highs, making a bear market low, and then making a new high. As the story goes, Bitcoin could be in a 38-month cycle from its April 2021 peak, which would imply a new high somewhere around mid-2024.

Source: Peter Brandt/Twitter

Brandt has previously predicted that Bitcoin will eventually overtake all other digital assets.

Bitcoin is trading at $26,308 at the time of writing, down 3.6% over the past 24 hours.

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