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Home Cryptocurrency news Bitcoin

Peter Brandt Bearish After Bitcoin Breaks Bullish Trend, Expects Further Reversal

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
Bitcoin is Having a False Price Rally, Says Gold Bull Peter Schiff
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After two full months of a parabolic uptrend, Bitcoin’s bullish momentum has started to wane, and a deep, overdue correction is expected by much of the crypto community. Following a strong rejection at $9,000, Bitcoin price has fallen below $8,000 where it’s retesting the former support turned resistance.

The break in Bitcoin price parabola back at the crypto asset’s all-time high of $20,000 resulted in an over 80% decline in value – a decline almost perfectly predicted by professional career trader Peter Brandt. In the wake of the break of Bitcoin’s most recent parabolic rise, the trader is back at it once again, calling for a 33% decline in the Bitcoin price that could take the asset to the $5,000 region.

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Peter Brandt Targets $2K Bitcoin Price Target After Recent Rally “Doji Top”

At the start of April, Bitcoin left behind its range below $4,200 and never looked back, breaking through major resistance level after major resistance level with relative ease. The powerful bullish rally took the price of Bitcoin to a local high of $9,000 before a violent rejection sent the price plummeting $1,000 in a matter of minutes.

Price recovered, but was unable to re-enter a triangle chart formation, essentially confirming that the rally was indeed over.

Related Reading | Bitcoin Price Targets at Bottom Show That Crypto Markets Are Unpredictable

Another indicator the rally had ended, according to professional career trader Peter Brandt, is a “Doji top” on Bitcoin’s weekly chart. Doji candles at the top or bottom of a trend signals exhaustion of the said trend, and could indicate that a reversal is near.

Further evidence painted on the chart can be seen in increasingly smaller green candles leading up to the Doji. This week’s candle is already well in the red, and after four consecutive monthly green candle closes, the probability that Bitcoin closes the month of June in the red is high.

Doji top on weekly chart begins correction. $BTC pic.twitter.com/9L9YCZbrP8

— Peter Brandt (@PeterLBrandt) June 4, 2019

In Brandt’s analysis that the “correction” beginning with the Doji top on the weekly chart, his chart appears to highlight a price target – depicted by the parabolic uptrend support seen in red, which states that BTC could fall all the way to $5,000. 

Such a target would suggest that a nearly 33% decline in value from here is next for Bitcoin holders who just recently shed their disbelief and moved into the hope phase that a new bull run may be beginning.

A drop of 33% to new Bitcoin’s cycle low would be a devastating blow to the entire crypto market, and potentially have long-term negative implications as most long-term moving averages would see a death cross once again.

Coming out of a bear market with such bullish momentum, it’s difficult to consider that Bitcoin price may fall back down to new lows, but Peter Brandt in the past has called the price targets of parabolic breaks with chilling accuracy.

Related Reading | Peter Brandt Calls For 80%+ Bitcoin Price Decline Over A Year Ago With Chilling Accuracy

Should the career trader be correct once again, there’s a lot more pain to come for Bitcoin investors. It’s also worth noting, though, that Brandt recently tweeted that Bitcoin had “stabilized” and was “dipping” his “toes” back into the water with a position in Bitcoin – an asset he’s repeatedly claimed to be bullish on long-term.

Take from his flip-flopping stance what you will, but there’s no denying the next days in Bitcoin are critical and will have a major impact on where the asset trends next.

Featured image from Shutterstock
Tags: bitcoinbitcoin pricedojiparabolaPeter Brandt
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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