Peter Brandt, who we know with his successful predictions about the leading crypto, shared his latest predictions. The veteran analyst says that the pattern in Bitcoin (BTC)’s chart shows that the asset is ready to crash further.
According to the analyst, Bitcoin will continue its downward trend in the coming weeks.
Peter Brandt is a popular futures trader and analyst who is outspoken about crypto price movements. Brandt notes that there is a trend for Bitcoin to continue its downtrend in the coming weeks.
The seasoned futures trader shared a chart of Bitcoin’s price action from April 2022 to date. The analyst shows the leading cryptocurrency moving in this Pennant pattern. According to Peter Brandt’s chart, BTC broke down from the previous pennant pattern and dropped from $33,000 to $20,000. The experienced analyst shared the following on his Twitter account with the graph:
A streamer is usually BTC when it looks and acts like a pennant.
When it looks like a pennant and acts like a pennant it is often a pennant $BTC pic.twitter.com/O7RtnvFSp0
— Peter Brandt (@PeterLBrandt) July 5, 2022
The pennant pattern is seen when an asset moves up or down. It is a chart trend that is usually followed by a short consolidation before moving in its previous direction.
Streamer-like previous move of Bitcoin (BTC)
In the chart shared by Peter Brandt, Bitcoin’s movement from April 2022 to date shows that the leading crypto has experienced a major downside move and several consolidations before continuing on its downward path.
It looks like Bitcoin has entered the consolidation phase. That’s why Brandt expects the biggest cryptocurrency to continue its downward move.
Brandt’s negative BTC price prediction
It’s not the first time Peter Brandt has made negative price predictions for Bitcoin. Experienced cryptocurrency trader says that Bitcoin has not yet found a base price. Therefore, he also predicts that it is possible for BTC to drop below $13,000.
cryptocoin.com As you follow, Bitcoin has been trading around $19,000 since the beginning of the month. At press time, BTC was trading at $20,341, up 2.82 on a daily basis, according to CoinMarketCap data. Bitcoin hovered below the psychological level of $20,000 during the day. However, by making an attack in the evening, it went above this level. But it’s unclear whether this is a ‘dead cat bounce’-like move or a trend reversal.
According to Peter Brandt, who successfully predicted Bitcoin’s steps, BTC will go down further. However, the eyes of the markets will be on the FOMC meeting minutes, which contain clues about the steps to be taken by the Fed. Brandt’s predictions are likely to come true if the Fed falters further.
