While Bitcoin is on the decline, in a recent tweet, prominent trader Peter Brandt pointed to the double top pattern, which he considers to be overlooked by Bitcoin traders, calling it “sinister”. We quote the comments from legendary trader Peter Brandt, when he accurately predicted BTC price action…
Peter Brandt drew attention to the pattern formed on the Bitcoin (BTC) chart
Famous trader Peter Brandt, in a recent tweet, pointed to the “double top” formation on the chart of the leading cryptocurrency Bitcoin. This formation is known to indicate a decline. However, Brandt stressed that it cannot be confirmed until the model is complete. Hence, he stated, “the bears should not get overly excited about the prospects for another major correction.”
For now, the “double peak” scenario only points to “passing interest” for Brandt. He pointed to an evolving pattern that could get bulls in trouble, emphasizing that it doesn’t necessarily represent his position or opinion. At the time of writing, Bitcoin is changing hands at $47,930, down 4.2 percent. As a result of this decline, the market value fell below $ 1 trillion, to $ 905.6 billion. Reaching an all-time high of $69,044 on November 10, BTC is 30.5 percent below this level at the time of writing.
cryptocoin.com As we reported, prominent investor Louis Navellier recently predicted that Bitcoin price could drop below $10,000 if the largest cryptocurrency completes its double top pattern.
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