A new Bitcoin (BTC) price review from Peter Brandt has sparked a whole wave of reactions from the crypto community. Thus, the legendary trader, who has been operating on the financial markets since the 1970s, noticed that for more than half a year, the price of the main cryptocurrency has been consistently printing lower highs. The recent is third in line.
Having reached a new price high of around $74,000 in March, Bitcoin failed to break that mark over the following months. Consecutive lower highs can be interpreted as a downtrend. Based solely on this, we can expect that Bitcoin's price is unlikely to go above $69,000 in the near term.
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This could significantly shrink the ultra bullish sentiment of recent weeks and thus introduce an element of fear onto the market, increasing the fragility of its price structure.
The series of lower highs and lower lows continues $BTC pic.twitter.com/T4vfCID0Mf
— Peter Brandt (@PeterLBrandt) July 31, 2024
Interestingly, Brandt faced a lot of criticism for his Bitcoin outlook. For example, the trader was accused of having changed his shoes: if recently he shared quite bullish forecasts, today his reviews are already bearish.
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Even Peter Schiff, a well-known Bitcoin critic, could not resist asking Brandt if this means he is no longer as bullish as when he warned him that Bitcoin would outperform gold by a factor of 5. Since that post was published, BTC is down 4%, while gold is up 2%, the crypto skeptic noted.
