Famous cryptocurrency analyst Peter Brandt shared his views on the current situation of Bitcoin (BTC) in a recent statement. Brandt, known for his astute observations and predictions on the crypto market, suggested that Bitcoin may be following a familiar pattern.
According to Brandt, Bitcoin may be revealing the oft-repeated “Top, Crash, Rise, Dump, Pump” chart structure. According to Brandt, this formation appears as a recurring theme in Bitcoin's price movements.
Brandt stated that the double top attempt on July 5 was a bear trap and this was confirmed by the close on July 13. In market terminology, a 'bear trap' occurs when the performance of a stock or other financial instrument leads investors to believe that its value will fall, but instead it rises.
“The most likely scenario right now is that the bears are trapped,” Brandt said, suggesting that those investing against Bitcoin could find themselves in a difficult situation.
However, Brandt also warned that a close below $56,000 would invalidate this comment. This means that if the price of Bitcoin falls below this level, the predicted model may not be valid.
*This is not investment advice.
