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(Kitco News) According to a veteran trader, Bitcoin may have been stable at around $ 20,000 but haven’t made a dramatic decline.
Peter Brandt, a well-known trader and writer with about 700,000 followers on Twitter, warned about Bitcoin, indicating that the world’s largest cryptocurrency could fall further.
“When it looks like a pennant and behaves like a pennant, it’s often a pennant,” he tweeted with a chart showing what he meant.
The pennant trading pattern is a continuous chart pattern. This usually indicates an integration after moving significantly up and down and then in the same direction.
When it looks like a pennant and behaves like a pennant, it’s often a pennant $ BTC pic.twitter.com/O7RtnvFSp0
PeterBrandt (@PeterLBrandt) July 5, 2022
For Brant, this indicates that Bitcoin is still on a downtrend and premature for a sustainable recovery.
Bitcoin It fell below $ 18,000 in mid-June, down about 40% from the month. At the time of writing, Bitcoin was trading at $ 20,911, up 4% on the day, but down 70% from its November high of $ 69,000.
One of the potential precursors to Bitcoin’s recovery could be its market advantage. When Bitcoin reaches 50% in terms of its crypto market advantage, it’s a positive sign of price, Brandt explained last week.
According to CoinGecko, at the time of writing, Bitcoin’s market capitalization had an advantage of about 41%.
Brant became well known in the crypto trading world when he predicted the collapse of Bitcoin in 2018.
Disclaimer: The views expressed in this article are those of the author, Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided. However, neither KitcoMetals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It does not solicit the exchange of commodities, securities or other financial products. Kitco Metals Inc. and the authors of this article are not responsible for any loss and / or damage caused by the use of this publication.
