Peter Brandt is popular in the crypto community. He managed to correctly predict the correction of Bitcoin (BTC) in 2018. Recently, he shared his forecast for the cryptocurrency.
According to the analyst, the currency is expected to fall. Peter Brandt came to these conclusions after analyzing the results of a technical analysis of the Bitcoin chart. In his opinion, cryptocurrency is moving in the figure of the ‘pennant.’
With the pennant figure in mind, his prediction is that Bitcoin may fall. Peter Brandt, with such an ironic statement, drew the attention of the crypto community. “When it looks like a pennant and behaves like a pennant, it’s usually a pennant.”
Pennants on the Bitcoin chart
On the chart, the analyst marked two pennants. The first drop was in May 2022. During this period, the cryptocurrency fell from $38,000 to $30,000.
The first pennant closed closer to mid-June. Bitcoin fell from $30,000 to $17,000, after which it was corrected to $20,000. The second pennant, according to Peter Brandt’s chart, may close in mid-July.
Bitcoin’s average drop in the two episodes reviewed was about 27%. If history repeats itself, BTC could fall to $14,000.
Many members of the crypto community see the potential for BTC to fall to $10,000. At this level, in his opinion, cryptocurrency will find the “bottom.”
Who is Peter Brandt?
Peter Brandt started out in commodity trading in 1976. Until 1979, Peter managed large institutional accounts like the Campbell Soup Company, and Godiva Chocolate. In 1980, he founded Factor Trading Co., Inc. As well as trading, his company produced market research, and handled the trading activities of large institutional clients.
Peter’s first book, published in 1980, was titled Trading Commodity Futures with Classical Chart Patterns. It is considered a classic by many traders. His second book, called Diary of a Professional Commodity Trader became Amazon’s #1 ranked book on trading, staying at the top for 27 weeks.
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