During the last 24 hours, the global cryptocurrency market rebounded to its earlier position, with all significant cryptocurrencies trading in the red. Following a brief rally, it’s not just Bitcoin and Ethereum, but even other major currencies the market has stayed in the crisis.
The wider crypto market has dropped by 0.80% in the last 24hrs positioned at $905.21 Billion.
Meanwhile, Peter Brandt, a renowned future investor, and trader have been always open about the crypto price actions. Now he predicts the possibility of the Bitcoin price continuing with its downswing for a few weeks.
Bitcoin Price Enters Pennant Pattern
Peter Brandt took to Twitter to share a graph representing Bitcoin’s price action from April 2022 to the present day. The chart depicts the flagship currency advancing towards a Pennant pattern.
As per the chart, the BTC breached the last pennant formation southward and plummeted from $33k to $20K.
A Pennant pattern is a graphic movement that occurs whenever an asset advances either towards the North or South direction, followed by a temporary consolidation prior to actually returning to its earlier projection.
The behavior of Bitcoin between April 2022 and now, according to Brandt’s graph, demonstrates that the king currency had a big pullback and a few consolidations prior to actually proceeding on to its declining course.
Bitcoin appears to have started a consolidation stage, with Brandt predicting the first-born currency to maintain its negative trend.
Bitcoin Price To Bottom At $13,000?
It’s not the first of Brandt’s predictions, he has made many negative forecasts for Bitcoin price. The renowned cryptocurrency analyst, who believes Bitcoin still needs to establish a bottom price, forecasted that the leading virtual currency might go as low as $13,000 in the near future.
Since the start of the month, the Bitcoin price has been hovering around the $19,000 and $20,000 range. At the moment, Bitcoin price is changing hands at $20,168 with a fall of 0.24% in the last 24hrs.
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Source: https://coinpedia.org/bitcoin/bitcoin-btc-price-to-bottom-at-this-level-predicts-peter-brandt/