Recent reports state that Peter Brandt has expressed concerns about the suspicious price movements of Bitcoin. According to the veteran trader, Bitcoin may lose its bullish momentum and experience a market-wide crypto correction.
Bitcoin’s price is addressed
With his legendary status in the crypto world, Brandt warns his 698,500 X followers that Bitcoin is approaching a significant price area and risks canceling out its recent uptrend.
In a chart shared last month, Brandt showed how Bitcoin broke out from an inverse head and shoulders reversal pattern, indicating that it is no longer in a downtrend after surpassing the $25,000 price wall.
Brandt said the following:
“The decline in Bitcoin BTC is once again retesting the neckline on the underlying inverted head and shoulders [pattern]. A close below 24,800 (the low of the previous retest) would do damage to the daily and weekly graphs.”
Brandt warns that the second retest of the inverse head and shoulders neckline gives a higher chance of the bullish reversal pattern failing.
This is concerning as it shows that Bitcoin has violated a diagonal support that has kept it in an uptrend since the beginning of the year. In order for BTC to recover its uptrend line, it will need to overcome its current bearish trend.
As a swing trader, Brandt advises being cautious and either holding short positions or staying flat. He only considers it a bullish development if a bear trap is actually triggered.
An important analyst, Van de Poppe, suggests that SpaceX may have sold their Bitcoin, which could be one reason for the recent market crash. This news has caused concern about the currency’s value.
The Wall Street Journal reported that SpaceX sold its Bitcoin after the currency’s value dropped by $373 million in 2021 and 2022.
Regarding Bitcoin’s price today, at the moment of writing this article, BTC is trading in the green and the king coin is priced at $26,138.
