up to $27,500 bitcoinrallied with global equities as US debt ceiling negotiations continued to drag on and fears of a possible default on markets.
With the decrease experienced, it decreased to $ 26,600. BTCcontinues its horizontal movements.
Successful analyst evaluating the latest price movements of BTC Peter Brandt, He said he expects a drop in Bitcoin in the near term.
Stating that BTC is in a downward trend, Brandt stated in his latest post that Bitcoin has a short-term bearish appearance, known as a daily pennant or flag.
Brandt, who also added a graphic to his share, BTCHe said that unless there is a significant rally above the midpoint highs, it creates a chart pattern that is usually associated with a bearish bias in the near term.
“The pattern I outlined on the Bitcoin chart is known as a pennant or flag pattern.
And it has short-term bearish effects as long as it isn’t negated well above the midpoint highs. “
This is known as a pennant or flag and has short term bearish implications unless negated by close above mid point highs. $BTC pic.twitter.com/kLz6aTHMrz
— Peter Brandt (@PeterLBrandt) May 24, 2023
Peter Brandt also shared his post a few days ago. bitcoin He stated that the price formed a head and shoulders pattern that could cause a short-term downtrend.
As a result, the successful analyst expects BTC to experience a drop before it goes up.
Because Brandt explained in his previous posts that he expected a rise in Bitcoin in the long term and advised investors to act long-term in Bitcoin, saying that he expected $ 40,000.
*Not investment advice.
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