Cryptocurrency trader Peter Brandt has raised concerns about a potential bearish trend for Bitcoin, citing his analysis of the cryptocurrency’s chart pattern. Brandt believes Bitcoin is forming an inverted expanding triangle, also known as a megaphone, on its weekly chart. This pattern can signal either a bullish or bearish trend, depending on whether the price breaks above the upper boundary or below the lower boundary.
In a post on X, formerly known as Twitter, Brandt stated that if Bitcoin tests the lower boundary of this pattern, its price could plummet by approximately 19% from its current level. He further added, “A test of the lower boundary would be to $46,000 or so. A massive thrust into new all-time highs is required to get this bull market back on track.” He also highlighted that selling pressure seems to outweigh buying in this pattern.
However, not all analysts share Brandt’s pessimistic outlook. Cryptocurrency analyst Ali Martinez, for instance, holds a different view. Martinez, with over 70,000 followers, pointed out that Bitcoin’s price performance in October often contradicts its September performance.
At the time of writing, Bitcoin is trading at $56,710.
The contrasting views on Bitcoin’s future price movement underscore the volatile nature of the cryptocurrency market. While Brandt’s analysis suggests a possible downturn, Martinez’s historical perspective offers a more optimistic outlook. Ultimately, the direction of Bitcoin’s price will be influenced by a range of factors, including market sentiment, regulatory developments, and macroeconomic trends. Investors should closely monitor these dynamics as they navigate the crypto market.
