Is Bitcoin Headed for a Bearish Trend? Expert Analysis Reveals Potential Downside
Renowned analyst Peter Brandt warns of a potential bearish trend for Bitcoin despite the current neutral sentiment in the cryptocurrency market. Brandt’s analysis, based on classical charting methods, suggests that Bitcoin is in a downward channel, indicating further potential downside.
The chart displaying lower highs and lower lows aligns with the down channel pattern, which typically leads to a decline in price due to resistance levels. If this downward trend continues, there could be increased selling pressure on Bitcoin, pushing prices below their current levels.
It remains uncertain whether the bullish rally will continue in the coming week, as fresh inflows of funds may be needed to see Bitcoin reach $70,000 or above. Investors should pay attention to these signals and adjust their investment strategies accordingly to mitigate potential losses in the future.