A well-known trader predicts a further decline in the BTC rate
Well-known crypto trader Peter Brandt considers the further downward trend of BTC relevant in the coming weeks
As a basis for his vision, he noted the chart of the BTC exchange rate from April 2022 to the present, which shows how bitcoin is moving according to the "pennant" model. Brandt noted that BTC broke through the previous "pennant" pattern and fell from $33,000 to $20,000:
"When the BTC movement looks like a pennant and acts like a pennant, it is often a pennant."
The pennant pattern is observed when an asset moves up or down, and is usually followed by a short period of consolidation before moving in the previous direction.
According to Brandt's chart, bitcoin's behavior since April 2022 has demonstrated a strong downward movement and several consolidations before continuing its downward path. Most likely, bitcoin has entered a consolidation phase and Brandt expects that it will soon continue its downward movement.
This is not the first time Brandt has made negative predictions about the BTC exchange rate. He still believes that bitcoin has not yet formed a bottom and predicts it to fall below $13,000.
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