Legendary Trader Peter Brandt Expresses Genuine Concerns for Bitcoin

Legendary trader Peter Brandt has a cautious view on Bitcoin’s (BTC) recent price surge. While he acknowledges the impressive rise from $55,000 to $64,000, Brandt expresses concerns about the overall trend. Despite the excitement surrounding the halving and exchange-traded funds (ETFs), the pattern of lower highs and lower lows persists.

With nearly 50 years of experience in the financial markets, Brandt shared his insights using a price chart. The chart illustrates that since March, Bitcoin has struggled to achieve higher highs while consistently forming lower lows, indicating an ongoing downtrend, despite the current upward movement.

In a recent social media discussion, Brandt raised the possibility of a head and shoulders pattern forming on Bitcoin’s monthly chart. This pattern, often associated with potential market reversals, consists of three peaks: a higher peak (the head) flanked by two lower peaks (the shoulders).

If Bitcoin were to develop this pattern, it could signal an impending bearish price shift. However, Brandt stressed that this pattern remains unconfirmed, and further evidence from the daily chart is needed before drawing any strong conclusions.

The cautious perspective from this veteran trader serves as a reminder to remain vigilant, even amid the recent positive movement of BTC.