Master Trader Peter Brandt Explained! Is Bitcoin Signaling a Bear Market?
Veteran commodity investor Peter Brandt , in a recent tweet, made statements about whether the leading cryptocurrency Bitcoin will enter the bear market again and drew attention to a pattern formed in the Bitcoin chart.
Is the Bear Market Beginning?
Famous commodity trader Peter Brandt, while making predictions about the bear market, stated that the menacing head-and-shoulder pattern formed on the four-hour chart of Bitcoin ( BTC ) may fail.
The leading cryptocurrency Bitcoin (BTC) dropped to $58,000 earlier this day, its lowest level since October 15. This decline in Bitcoin also caused great losses in altcoins. Therefore , this sudden drop in Bitcoin and altcoins ignited another bear market fear.
So much so that the flagship cryptocurrency Bitcoin (BTC) has dropped 13.3% in the last week, falling from $ 67,000 to $ 58,000, the all-time high reached on October 20.
On the other hand, the head-and-shoulder formation on the Bitcoin chart came about after buyers failed to gain ground above the $63,000 resistance and maintain the latest high.
While some analysts are clamoring about the overheated Bitcoin market, investment firms continue to look for unique ways to unleash the biggest cryptocurrency.
On the other hand, it is known for its leveraged products traded Alexandria-based Direxio’s , shortly before the price of Bitcoin CME futures contracts to expose an ETF has applied to start.