Experienced trader Peter Brandtwarned traders that a particular Bitcoin (BTC) pattern he saw on the charts is important.
Known for accurately predicting the collapse of Bitcoin in 2018, the analyst stated on his Twitter account with more than 650,000 followers that BTC may be in a “pennant trading pattern”, which means that the “downward” price movement for Bitcoin price can continue.
“When he looks like a streamer and acts like a streamer, he’s usually a streamer.”
At the time of reporting, Bitcoin price was trading at $20.431.
Brandt said last week, Bitcoin Domination chart (BTC.D) He thinks that if it manages to reach 50%, it will be a positive development for the price.
BTC.D is an indicator that tracks how much of the total crypto market capitalization belongs to Bitcoin, and has failed to reach 50% since July 2021, when it bottomed around $30,000 before rising to an all-time high of $69,000. Bitcoin Dominance is currently hovering around 42.45%.
US Dollar Index(DXY), which recently traded at a 20-year high, thinks the markets may slide towards the US dollar:
“The global debt market is mostly in USD, which means that repayment must be in USD. In reality, the world banking system is short dollars.”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.