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.

Tanya Abrosimova Independent Analyst

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.