Bitcoin, which has been exhibiting volatile movements recently, experienced a sudden decrease yesterday evening with the claim that the US government sold BTC.
With these claims, BTC, which shot up to the level of $ 26,700, rose again above $ 27,000 after it was understood that this news was not true.
In BTC, which continues its downward and upward movements, investors now want to see $ 30,000 and above again, while experienced analyst Peter Brandt evaluated the price movements of BTC.
Sharing on Twitter, Brandt warned investors that a drop in Bitcoin may occur in the near future.
Noting that a head and shoulders pattern is formed on BTC's daily chart, the experienced name said that this situation should be taken seriously.
"It should be taken seriously if it's a head and shoulders complete."
— Peter Brandt (@PeterLBrandt) May 11, 2023
The "head and shoulders" pattern is a technical analysis chart pattern that signals that the trend in price is about to potentially reverse.
If the head-and-shoulder model shared by Peter Brandt occurs, a new decline scenario may occur in BTC.
Time will tell whether a head-and-shoulder pattern will occur in Bitcoin. Bitcoin continues to be traded at $ 27,445 at the time of writing.
*Not investment advice.