Bitcoin (BTC) bearish trend has just started – Peter Brandt
|- Peter Brandt comes out with another pessimistic forecast.
- BTC/USD is range-bound with a bullish bias on Tuesday.
The legendary trader and tech analyst Peter Brandt is sure that the bearish potential of Bitcoin is not over yet.
The analyst published a chart of bitcoin futures on the CME exchange and pointed out to Head and Shoulders (H&S) pattern, which indicates a potential decrease towards $ 3,905.
Usually, only one vertex is used as the “head” of a figure, but Brandt factored the price peaks of June, July, August and September into the model. Now he is doubtful that these predictions are valid.
I actually do not think this is a valid H&S top, but one never really knows until history is written, he tweeted
Notably, earlier, Peter Brandt said that in order to grow to new highs towards $50,000 Bitcoin needs to survive a fall to $5,500.
Bitcoin's technical picture
At the time of writing, BTC/USD is changing hands at $7,180. The coin bottomed at $6,526 on Monday and hit $7,340 during early Asian hours on Tuesday. While the intraday recovery is capped by the upper line of 1-hour Bollinger Band, a sustainable move higher will allow for an extended recovery towards $7,650 and $7,700. On the downside, the local support is created by psychological $7,000 followed by the lower line of the daily Bollinger Band at $6,830.
BTC/USD, 1-hour chart
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