Legendary trader Peter Brandt says Bitcoin is forming yet another pennant formation.
Peter Brandt, one of the most well-known and important traders in the crypto and financial industries, has revealed with his followers a Bitcoin chart pattern that could predict the cryptocurrency’s next move.
Peter Brandt also made a sarcastic remark, stating that if a pattern on the chart appears and acts like a pennant, it is most likely a pennant. Unfortunately, in the case of Bitcoin, another pennant implies that the first cryptocurrency may suffer another setback in the next weeks or even days.
Fortunately, the pennant itself does not signal an impending drop in any asset, including Bitcoin. The chart pattern can assist traders predict if the market will experience a surge in volatility, which is an expected move given Bitcoin’s extremely low volatility over the last two weeks.
According to the given chart, Bitcoin had already painted two patterns indicating an impending rise in volatility. Unfortunately, it was a downward spike that drove the first cryptocurrency’s price below $20,000.
Despite the bad price performance of digital gold, the number of addresses with 1 or more BTC on their balance is increasing exponentially.
Historically, larger investors and institutions have boosted their involvement during BTC consolidation periods, and we may witness an increase in the number of wallets that hold the cryptocurrency in the near future.
At the time of writing, Bitcoin was trading in the $20,000 region, with a 0.14% decline in the previous 24 hours.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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