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Legendary Trader Peter Brandt Unveils Bitcoin (BTC) Price Warning, But There’s Glimpse of Hope

Renowned veteran trader Peter Brandt has raised concerns about the future trajectory of Bitcoin’s price, painting a potentially ominous picture for investors. In a recent market analysis, Brandt shared a Bitcoin price chart that indicates a right-angled broadening triangle pattern, a harbinger of a downward reversal.

Brandt, known for his extensive experience in the trading world, emphasized the reliability hierarchy of charts. His assertion is based on the completion of a right-angled broadening triangle, a pattern characterized by two diverging lines with support as a horizontal line and resistance as an oblique bullish one.

General rule
Weekly chart more reliable than daily chart
Daily chart more reliable than intraday chart
Chart patterns fail more often than they work
Bitcoin has completed a right angled broadening triangle
Negated above 42,400 $BTC pic.twitter.com/oLI3rFZOHN

— Peter Brandt (@PeterLBrandt) January 22, 2024

This pattern, often reflective of growing investor nervousness and indecision, can trap unsuspecting investors if not identified promptly. The formation of a right-angled broadening triangle typically follows a bullish movement. In Bitcoin’s case, this movement occurred before the Bitcoin ETF ruling and the significant drop in quotes due to Grayscale’s massive sell-offs.

The hope

Despite the triangle’s appearance as a reversal pattern, Brandt’s view suggests it may signal a lack of buyers sustaining the bullish movement. Consequently, he foresees a further decline in Bitcoin’s price unless a crucial threshold is breached. The trader emphasized that the bearish forecast could be negated if BTC manages to break above the $42,400 level.

In a market where uncertainty looms, Brandt’s warning adds a layer of caution for investors. However, amid the concerns, there is a glimpse of hope tied to the pivotal level.

Source

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