Veteran trader Peter Brandt warns that the Bitcoin price chart is starting to resemble the soy market of 50 years ago. Prices peaked before falling 50% when global supplies began to exceed demand.
Bitcoin is not the only cryptocurrency (BTCAnalysts are confident the charts will continue to show a positive trend.
“Bitcoin is forming a rare broadening top on the charts. This pattern is famous for tops,” Brandt spoke to Cointelegraph.
“In the 1970s, Soybeans formed such a top, then declined 50% in value,” Brandt remarked.
Brandt has warned that history will repeat itself and it’ll not just impact Bitcoin. It’ll also affect Michael Saylor’s Strategy “underwater.”
The stock of Strategy (MSTR), which is a Bitcoin treasury, has fallen by 10.13% in the last 30 days as corporate Bitcoin treasuries are under increasing pressure due to a drop in their net asset value (NAV).
Bitcoin’s “final thrust” Peter Brandt: “It is unlikely that you will come,”
Brandt also warned that Bitcoin’s big Bitcoin boost, which the community was waiting for, may never happen, instead Bitcoin could drop to bear levels of as little as $60.000.
According to BitMEX’s co-founder Arthur Hayes, most analysts believe Bitcoin has one more major rally in this cycle. This could drive Bitcoin up as high as $250,000.
Bitcoin has historically had a strong fourth quarter with an average gain of 78.49%. according CoinGlass is a great way to collect coins.
Bitcoin is expected to have a good month in October.
However, the sentiments have changed after US president Donald Trump’s recent tax hike. scare triggered a broader Analysts are more wary after the market’s decline following its record-highs.
Bitcoin sentiment drops to “Extreme Fear”
In what is supposed to be a bullish month for crypto, The Crypto Fear & Greed Index This post is about posting. “Extreme Fear” Score of 25 on Wednesday’s update
Related: Bitcoin ‘bull run is over,’ traders say, with 50% BTC price crash warning
Bitcoin “really needs to hold here, keeping the recent higher lows in tack and have another attempt at the monthly open where it was rejected yesterday,” said Trading account AlphaBTC for X.
But not all analysts share the same bearish outlook.
21Shares crypto investment specialist David Hernandez said Bitcoin’s “opportunity window” The US Consumer Price Index may show signs of relief, or even a slight increase in the CPI. “continuation of the immaculate disinflation narrative,” adding:
“Bitcoin is coiled and ready to spring upward.”
Meanwhile, MN Trading Capital founder Michaël van de Poppe pointed Gold’s recent drop of 5.5% from its previous highs is a signal that “the rotation” Bitcoins and altcoins could be about to start.
Magazine: Bitcoin to suffer if it can’t catch gold, XRP bulls back in the fight: Trade Secrets
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Source: cointelegraph.com
