Bitcoin
Legendary Trader Peter Brandt Issues Crucial Bitcoin Warning for Bulls
Gamza Khanzadaev
Peter Brandt Hints at Prolonged Pain with New Bitcoin Price Outlook as Market Loses $176 Billion
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Bitcoin (BTC) began Thursday with a drop to $57,300. The cryptocurrency is currently trading at its lowest level in nearly three months, dating back to late April. Ethereumthe second most capitalized cryptocurrency, also started the day with a decline. But so did the rest of the market.
Over the past 24 hours, positions worth $319.98 million have been liquidated, and this is without taking into account two more days since the beginning of the week. According to the interim results of the week, we can now declare the loss of $176 billion in capitalization for the entire cryptocurrency market.
Settlement heatmap by CoinGlass
It is only natural that such price action has caused general fear, uncertainty and doubt among market participants. Peter Brandt, a legendary trader and frequent commentator on current events in the financial markets, has offered to at least clarify the view.
Bitcoin Bulls Beware
In his outlook, Brandt highlighted a significant bearish pattern: the bear flag. In short, this pattern indicates potential further declines for Bitcoin. Brandt’s chart, a critical component of his analysis, visually depicts this downtrend and signals caution to investors.
Source: Pedro Brandt
“In the US, our attention always turns to flags over the July 4th weekend,” Brandt noted, adding a bit of humor to his technical analysis.
As you can see, the mood Brandt is painting isn’t exactly rosy, which means it’s possible buyers are going through a painful time in the market.
Either way, the trading legend’s perspective may help you prepare for more downturns. Whether or not that’s the case remains to be seen in hindsight.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He also completed a master’s program in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.