Savvy old-school commodity broker Peter Brandt has published an X Twitter post to offer his prognosis for what will happen to the primary world cryptocurrency Bitcoin soon, and it does not sound bullish. His post was published as Bitcoin fell once more and is now changing hands at $25,958 at press time.
An in-depth look at Bitcoin for less than $24,800?
Brandt stated that Bitcoin is currently testing the neckline of the underlying inverted Head & Shoulders pattern on the chart, as it continues to say no. He feels that Bitcoin falling and closing beneath the $24,800 level (the low reached by BTC during the previous retest) “would do harm to the daily and weekly graphs.”
He ended the post with a sarcastic self-punch, reflecting the teasing some in the crypto community heap on him for his crypto predictions: “However hey, what do I know? I’m purely a boomer who charts.” An inverted H&S sample is a chart reverse sample that often indicates that a bearish development is soon to turn bullish.
Brandt anticipates that the uptrend line will be broken.
Earlier this week, the excellent dealer tweeted that he thought Bitcoin was challenging the multi-contract development line from the 2023 backend and that he expected Bitcoin’s transfer through the month of August to be a bear sign or bear entice.
As a swing trader, Brandt expects the upward development line to be broken, so he would take both quick and flat positions: ‘Provided that a bear entice is definitely sprung,’ would I consider it a bullish improvement.’ “I am a big fan of making horizontal charts.”
