As a seasoned crypto investor with over a decade of experience navigating the volatile world of digital assets, I’ve learned to take predictions and analysis from industry veterans like Peter Brandt with a grain of salt. However, his observation of lower highs and lows on the Bitcoin chart is undeniably concerning.
In the past few months, there’s been a mix of bullish and bearish sentiments surrounding Bitcoin. Notably, Trading Expert Peter Brandt has pointed out a concerning pattern in the Bitcoin price graph. As he stated on Elon Musk’s social media platform X, the Bitcoin market seems to be following a pattern of decreasing highs and lows, suggesting a potential downturn according to Brandt.
What Are the Implications Of This Pattern
Significantly, the repetitive patterns of highs and lows noticed by Brant could potentially signal a decrease in the current bullish enthusiasm for Bitcoin. After reaching an unprecedented peak above $73,000 in March, Bitcoin has failed to regain this record high value.
Related Reading: Is Bitcoin Poised for a September Price Surge? What Traders Need to Know
Specifically, when Bitcoin aims to surge towards its March maximum, it seems to encounter resistance around $70,000 and subsequently fall below the previous trough. Repeating this pattern of successive highs that are lower than the last and lows that are also lower is usually interpreted as a sign of a bearish market situation.
A user of X specifically highlighted what they saw as contradictions in Brandt’s strong views on Bitcoin, referring back to earlier statements from Brandt that seemed more positive.
WTH @PeterLBrandt you were bullish a week ago saying how great the chart looked!!
— Jordan Wirsz (@JordanWirsz) August 1, 2024
Despite varying opinions, notable personalities within the cryptocurrency sphere have been open about their comments. For example, Willy Woo has contributed to the conversation, pointing out his thoughts on the topic.
When it comes to short-term markets, predicting whether a “lower high” truly marks the bottom before an upturn or simply represents another low point can be tricky. It’s usually not until we look back with more information that we can confidently determine this.
What’s Behind The Current Bitcoin Downtrend?
Currently, Bitcoin is experiencing a downturn as it dips by around 5.1% over the last 24 hours, dropping below $63,000 to $62,901 at this moment. This recent slide has resulted in a decrease of over $50 billion in its total market capitalization within just the past day.
It’s worth noting that even with a bearish trend, Bitcoin’s trading activity has significantly increased. Yesterday, it was at $24 billion, but today it stands at $28 billion.
As per an article by a writer on the CryptoQuant platform published on the QuickTake platform, the recent drop in Bitcoin’s value may be attributed to the shift in the age group holding large amounts of BTC since it reached around $70,000.
Despite this selling pressure, the analyst noted:
We’re nearly there with recovery, but it appears we might need a little more patience. I highly advise reviewing the different age groups to keep tabs on possible liquidity issues and sales trends.
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2024-08-02 02:47