•Legendary trader Peter Brandt is warning that Bitcoin (BTC) is showing the makings of a bearish pattern.
•Brandt believes BTC will likely only make one more move to the downside before bouncing higher, and could hit a new all-time high around mid-2024.
•He previously predicted that Bitcoin will ultimately outperform all other digital assets.
Peter Brandt Warns of Bearish Pattern
Legendary trader Peter Brandt is warning that Bitcoin (BTC) is showing the makings of a bearish pattern. Brandt tells his 696,600 Twitter followers that Bitcoin’s price action appears to indicate that a bearish pennant or flag pattern is developing, indicating another leg down is imminent.
Outlook on Shakeout Pattern
Bearish pennant and flag patterns are both used in technical analysis to forecast abrupt moves down. While predicting short-term bearishness, Brandt says Bitcoin will likely only make one more move to the downside before bouncing higher. He shares a chart depicting BTC’s multiyear cycles of hitting new highs, making a bear market low and then making a new high. Based on history, Bitcoin could be in for a 38-month cycle from its April 2021 peak, which would imply a new high somewhere around mid-2024.
Prediction for Digital Assets
Brandt has previously predicted that Bitcoin will ultimately outperform all other digital assets. At time of writing, Bitcoin was trading for $26,308, down 3.6% during the last 24 hours.
Protecting Your Wallet
Brandt advises anyone who may be “dogmatic about their brilliance” should turn and run in order to protect their wallet from losses incurred by incorrect predictions or lack of research when it comes to cryptocurrency investments.
Disclaimer
The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets as transfers and trades are at your own risk