Experienced investor Peter Brandt, Bitcoin $93,885.9He warned investors that (BTC) is showing a significant bearish signal. In his statement on the X platform, Brandt stated that Bitcoin formed a head and shoulders top model. This chart formation raised the possibility that it could cause the price of Bitcoin to drop below $80,000.
The Head and Shoulders Pattern Poses a Danger for Bitcoin
Peter Brandt emphasized that Bitcoin’s current chart formation is a head and shoulders top pattern. If this pattern completes, Bitcoin’s price could drop to $78,000.
However, Brandt added that there is a possibility that this formation will not be completed and stated that the price may move upward again.
Similar Patterns in the Past Lead to New Highs
Brandt reminded that Bitcoin showed a similar chart formation in the past, causing it to reach new highs. For this reason, he stated that he thinks Bitcoin may currently go through a similar process. He also stated that the Hump Slump Bump Dump Pump chart structure also caused fluctuations in the market.
Brandt said investors who see platforms like Bitcoin and Solana (SOL) as instruments of economic justice may be disappointed. “Generations M and Z think that the cryptocurrency market will provide economic justice. “Those who act with this thought will be greatly disappointed,” he said.
Bitcoin was trading at $94,190 at the time of writing and has fallen by 1.4% in the last 24 hours. Investors are advised to be careful and follow market movements when investing in Bitcoin and other cryptocurrencies.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
