Legendary trader Peter Brandt says Bitcoin (BTC) is forming a bearish pattern — but there’s a catch
Legendary commodities trader Peter Brandt says Bitcoin (BTC) is forming a classic bearish pattern, suggesting lower prices for the leading crypto-asset by market cap.
In a tweet to his 672,000 Twitter followers, Brandt says Bitcoin is forming a rising wedge, a price action pattern that traditionally suggests an eventual pullback to the downside.
However, the trader says there are two caveats accompanying BTC’s bearish price action.
“Patterning in progress – Rising wedge in BTC.
caveats:
– Most patterns that form transform into something else.
-Even if it is a rising wedge, it must be completed first.”
Source: Peter Brandt/Twitter
Brandt also says the pattern may be too obvious and doomed to fail given how many people agree with his opinion.
“Too many people agree with me. That makes me think the morphology is the most likely, but we’ll see.”
Crypto analyst Kaleo also hinted that a pullback could be imminent for Bitcoin, with a target price of around $21,000 before moving another leg up to around $28,000.
“Bitcoins / BTC
Just tear off the plaster already plz.
I’m ready to see my timeline slide back into mass hysteria and start calling below $10k for having so much PTSD from the previous dips – only to turn bullish again a few days later as we retake current levels .”
The pseudonymous analyst says the stock market, seeing more red days lately, could be the catalyst pulling BTC down to local lows.
“Stonks have continued to drop since the pre-market close yesterday and bitcoin is looking weaker – but hasn’t made any significant move yet.
It should not be long before weakness gives way and we have our lower commandments fulfilled.”
At the time of writing, BTC is trading at $23,874.
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