Trading Veteran Peter Brandt Predicts Bitcoin May Drop to $46,000
Economist and seasoned trader Peter Brandt, who has been navigating the stock market since 1975, has recently shared his analysis on Bitcoin's price trends.
With 50 years of trading experience, Brandt has identified an inverted expanding triangle, also known as a megaphone pattern, on Bitcoin’s chart.
This is called an inverted expanding triangle or a megaphone. A test of the lower boundary would be to 46,000 or so. A massive thrust into new ATHs is required to get this bull market back on track $BTC
Selling is stronger than buying in this pattern pic.twitter.com/ekDZUJXXgd— Peter Brandt (@PeterLBrandt) September 5, 2024
This pattern suggests increasing selling pressure, leading Brandt to forecast a potential decline in Bitcoin’s value. He expects Bitcoin could test the $46,000 mark as a lower boundary.
READ MORE: Bitfinex Predicts Bitcoin Could Drop to $40,000 Amid September Rate Cut Uncertainty
Brandt emphasized that for the current bull market to regain its momentum, Bitcoin will need to make a strong move toward reaching new all-time highs.
He pointed out that within this pattern, the selling pressure is significantly stronger than the buying pressure.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
