Peter Brandt Shares A Chart That Coul Be A Big “Tell” For Bitcoin.
Legendary cryptocurrency trader Peter Brandt shared a Twitter chart that he claimed will be a big tell for Bitcoin. He believes a definitive closure of over 50 percent of the 1W Moving average would be very bullish for Bitcoin.
“This chart could be the big “tell.” A decisive close back above 50% would be a huge positive $btc”
— Peter Brandt (@PeterLBrandt) June 26, 2022
Brandt also pointed out that the majority of responses to the tweet had a pessimistic tone. He went on to say that he was curious as to how many of those people who responded negatively had laser eyes when the price of bitcoin was above $50,000.
“Interesting that overall replies to this tweet were bearish. Wonder how many of those negative responders had laser eyes when $BTC was over $50,000.”
Recently Based on a pattern known as a double-top, the trader Brandt developed a prediction in which he predicted that the next objective for the price of Bitcoin may very well be somewhere around $13,000. A double top is one of the most bearish types of technical reversal patterns. It emerges when an asset’s price can climb to a new high on two separate occasions in a row, with just a little drop in value between each peak.
However, Peter also gave another prospect in which he said that Bitcoin $20K can hold and provide a ‘relief rally’ but such a rally will not sustain and the relief would be short-term.
Even though the price of Bitcoin relative to the United States Dollar (BTC/USD) is nowhere near where anyone wants it to be, even in a bear market, according to data from Tradingview, the price of Bitcoin over the weekend spared the average Bitcoin holder from more unwelcome surprises than usual.
While some people are acting irrationally and selling their BTC, experts are working hard to demonstrate that the magnitude of the bear market does not seem to be anything out of the ordinary so far. In spite of the fact that losses are still within historical averages, the number of Bitcoins sold at a loss has surpassed all prior records.
A notable movement occurred in the space of fewer than three weeks, as Bitcoin’s share of the global cryptocurrency market cap dropped from its all-time high of 48.36 percent on June 11 to its current value of 43.46 percent at the time of writing. Over the previous week, the value of one bitcoin has increased by 7 percent, reaching $21,323.