Peter Brandt sends Bitcoin warning
Last Updated on 6 November 2023 by CryptoTips.eu
I just checked and the last time we discussed a Bitcoin prediction coming from Peter Brandt was on 1 february of this year. He claimed to have identified a “fulcrum pattern” and forecasted a price point of $25,000 to be taken soon. That turned out to be a correct prediction a week later.
By now, Bitcoin has reached $31,000 as a yearly high, but seems to miss direction over the past few weeks. Peter now makes a new prediction.
Head and shoulders
The well-known American analyst Peter Brandt has been a technical analyst since 1975 and has written several books on the subject. So after 50 years of looking at charts, he knows what he is talking about.
On Twitter, Peter yesterday claimed to see a clear ‘head and shoulders’ pattern in the Bitcoin chart and if that were confirmed, the price could only go lower in the short term.
A head and shoulders should be taken seriously if it is completed $BTC pic.twitter.com/n5ZiLasmUC
— Peter Brandt (@PeterLBrandt) May 11, 2023
If this is correct, it would mean that the largest digital coin would first drop to a level of around $25,000 (some say $23-24k is even possible) and then move higher again (after Whales would swoop in at the lower level).
Inflation
In other words, Peter is bearish for the short term, bullish for the medium to longer term, or exactly the same as what Katie Stockton predicted some 10 days ago.
Peter’s analysis was widely discussed on social media. An interesting interpretation read that the declining inflation in the United States would cause the Federal Reserve to raise interest rates one more time (probably by a quarter of a percent, driving tech and Bitcoin down) before announcing ‘no more rate hikes’ (as soon as inflation would have fallen to 3% in the summer), which would then see markets enter a new bullish phase.
At the time of writing, Bitcoin is being traded for $26,600.
