Crypto Analyst Issues Bitcoin Alert: Possible Downtrend Ahead

Author: Bibhu Pattnaik | September 07, 2024 01:16pm

Crypto trader Peter Brandt has alerted the crypto community about a possible bearish trend for Bitcoin (CRYPTO: BTC), following his analysis of the cryptocurrency’s chart pattern.

What Happened: Brandt has said that Bitcoin appears to be forming an inverted expanding triangle pattern on its weekly chart. This pattern, also known as a megaphone, can indicate either a bullish or bearish trend, depending on whether it breaks out above the upper boundary or breaks down below the lower boundary.

In a post on X, Brandt said that if Bitcoin tests the lower boundary of this pattern, its price could experience a drop of about 19% from its current level.

“A test of the lower boundary would be to $46,000 or so. A massive thrust into new all-time highs is required to get this bull market back on track,” he stated.

This is called an inverted expanding triangle or a megaphone. A test of the lower boundary would be to 46,000 or so. A massive thrust into new ATHs is required to get this bull market back on track $BTC
Selling is stronger than buying in this pattern pic.twitter.com/ekDZUJXXgd

— Peter Brandt (@PeterLBrandt) September 5, 2024

However, Brandt’s bearish forecast for Bitcoin is not shared by all. Cryptocurrency analyst Ali Martinez, for instance, holds a different view.

Also Read: Crypto Analyst Predicts Bitcoin To Blast Off To $90,000 If This Happens

Martinez reminded his 70,300 followers that Bitcoin’s price performance in October is usually the opposite of what transpires in September. At the time of writing, Bitcoin is trading at $56,710.

Why It Matters: The contrasting views on Bitcoin’s future performance highlight the volatile nature of the cryptocurrency market.

While Brandt’s analysis suggests a potential downturn, Martinez’s historical perspective offers a more optimistic outlook.

The ultimate direction of Bitcoin’s price will depend on a variety of factors, including market sentiment, regulatory developments, and macroeconomic trends. As such, investors should keep a close eye on these dynamics as they navigate the crypto market.

Read Next

Anthony Scaramucci Says Crypto Will Soar If This Presidential Candidate Wins The Election: ‘I Think We’ll See All-Time Highs For Bitcoin And Other Assets’

Posted In: $BTC