Peter Brandt, who we know with his success predictions on the major cryptocurrency, shared his latest predictions. The veteran analyst says the pattern in the Bitcoin (BTC) chart shows the asset is poised to collapse further.
According to the analyst, Bitcoin will continue its downward trend in the coming weeks.
Peter Brandt is a famous futures trader and analyst who speaks bluntly about the price movements of cryptocurrencies. Brandt notes that there is a tendency for Bitcoin to continue its downward trend over the next few weeks.
The seasoned futures trader shared a chart of Bitcoin’s price action from April 2022 to today. The analyst shows the major cryptocurrency moving in this Pennant model. According to Peter Brandt’s chart, BTC plummeted from the previous pennant model and dropped from $ 33,000 to $ 20,000. The expert analyst shared the following on his Twitter account with the chart:
A streamer is usually BTC when it looks and acts like a banner.
The pennant pattern is seen when an asset moves up or down. It is a graphical trend that is usually followed by a short consolidation before moving in the previous direction.
The previous move of Bitcoin (BTC) similar to a streamer
In the chart shared by Peter Brandt, the movement of Bitcoin from April 2022 to today shows that the major cryptocurrency has undergone a major downward movement and several consolidations before continuing its downward path.
It appears that Bitcoin has entered the consolidation phase. That’s why Brandt expects the largest cryptocurrency to continue its downward movement.
Brandt’s negative BTC price prediction
It is not the first time that Peter Brandt has made negative predictions on Bitcoin prices. An experienced cryptocurrency trader says Bitcoin has not yet found a base price. Therefore, he also predicts that it is possible for BTC to drop below $ 13,000.
cryptocurrency.comAs follows, Bitcoin has traded around $ 19,000 since the start of the month. As of press time, BTC was trading at $ 20,341, up 2.82 on a daily basis, according to data from CoinMarketCap. Bitcoin remained below the psychological level of $ 20,000 throughout the day. However, by making an attack in the evening, he went above this level. But it’s unclear whether this is a “dead cat bounce” move or a turnaround.
According to Peter Brandt, who successfully predicted Bitcoin’s steps, BTC will drop further. However, the markets’ eyes will be on the minutes of the FOMC meeting, which contain clues about the steps the Fed will need to take. Brandt’s predictions are likely to come true if the Fed falters further.
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