As high as $27,500, Bitcoin slumped with global equities as debt ceiling negotiations in the US continued to drag on and fears of a possible default on the markets.
BTC, which declined to $ 26,600 with the decrease, continues its horizontal movements.
Evaluating the recent price movements of BTC, successful analyst Peter Brandt said that he expects a decrease in Bitcoin in the near term.
Stating that BTC is in a downward trend, Brandt stated in his latest post that Bitcoin has a short-term bearish appearance, known as a daily pennant or flag.
Adding a chart to his share, Brandt said that unless there is a significant rally above the midpoint highs, BTC creates a chart pattern that is usually associated with a bearish trend in the near term.
“The pattern I outlined on the bitcoin chart is known as a pennant or flag pattern.
And it has short-term bearish effects as long as it isn't negated well above the midpoint highs. "
This is known as a pennant or flag and has short term bearish implications unless negated by close above mid point highs. $BTC pic.twitter.com/kLz6aTHMrz
— Peter Brandt (@PeterLBrandt) May 24, 2023
In his post a few days ago, Peter Brandt stated that the price of Bitcoin creates a head and shoulders pattern that can cause a short-term downtrend.
As a result, the successful analyst expects BTC to experience a drop before it goes up.
Because Brandt explained in his previous posts that he expected a rise in Bitcoin in the long term and advised investors to act long-term in Bitcoin, saying that he expected $ 40,000.
*Not investment advice.
