[Peter Brandt reveals his bearish view on Bitcoin]
Although cryptocurrency market sentiment is relatively neutral, some prominent analysts believe that Bitcoin is currently showing bearish dynamics and may fall further in the future.
Veteran trader Peter Brandt recently shared his thoughts on Bitcoin price. He noted that the consolidation phase Bitcoin is currently experiencing does not look like a bullish flag pattern. Instead, Brandt observed a downward channel, which indicates an underlying bearish trend.
Brandt's analysis is based on the classic charting method developed by Schabacker Edwards and Magee. He believes that the current Bitcoin pattern lasts too long and is more like a downward channel, which usually indicates the potential for further declines in the asset.
Bitcoin’s price action shows a series of lower highs and lower lows, consistent with a descending channel. This pattern gradually lowers the price from a resistance level, usually indicating a downward phase for the asset. If the downtrend continues, it could create more selling pressure on Bitcoin, pushing the price below current levels.
This view contradicts some investors’ hopes for Bitcoin’s future, especially amid divergent signals from various technical indicators. Overall, it's unclear whether the bullish move will continue in the week ahead. We would need new inflows to see Bitcoin reach $70,000 or higher.
