Bitcoin’s Bullish Pattern Might Be a Trap, Warns Veteran Trader
A widely recognized bullish formation in Bitcoin’s price charts might not be as promising as it appears, warns veteran trader Peter Brandt. The cryptocurrency has developed an inverse head-and-shoulders pattern, typically seen as a sign of a potential upward reversal. However, the structure presents a complication—the neckline is sloping downward.
Brandt, who has spent over 40 years in commodities trading, favors head-and-shoulders formations with horizontal necklines, considering them far more dependable.
The downward angle of Bitcoin’s current setup suggests weakening buying pressure, raising the possibility that any breakout attempt could be short-lived, sending the price tumbling instead of rallying.
Trader Josh Olszewicz also pointed out the pattern on Bitcoin’s daily chart, suggesting that this may be a crucial moment for bulls to regain control. Should they fail to push the price higher, Bitcoin could slip back into the $60,000-$70,000 range.
As of now, CoinGecko data shows Bitcoin trading at $83,091, down 0.7% in the past day. The asset briefly hit an intraday low of $81,769 earlier on Sunday, struggling to regain momentum amid heightened global economic uncertainty.
Bitcoin Set for Six-Figure Surge, But Expect a Pullback First
A popular crypto analyst is forecasting a major rally for Bitcoin, predicting it could eventually soar to six figures, but cautions that investors should expect a possible dip before the surge. According to Inmortal, Bitcoin is likely to briefly dip to around $85,000 before making its climb toward $100,000. He emphasizes that the cryptocurrency’s trajectory […]
Bitcoin Poised for New Highs? Analyst Says $101K Is the Key
A well-known crypto analyst believes Bitcoin could reach record highs—if it clears a critical resistance level. DonAlt suggests that BTC needs to break past $101,000 to trigger a significant rally. According to him, this is the final barrier before Bitcoin can push into uncharted territory. “The setup looks solid. That’s why I’ve been saying to […]
Bitcoin Could Crash 40% if This Support Level Fails to Hold
A well-known crypto analyst, known for his accurate predictions, is now highlighting a potential downside for the asset amid the recent correction. The crypto expert, known as Rekt Capital, explained that while Bitcoin is currently in an upward trend, historical patterns suggest that a further decline is possible. Rekt Capital pointed out that Bitcoin often […]
Bitcoin Eyes $150K as Analysts Highlight Bullish Patterns and Key Support Levels
Bitcoin remains in a consolidation phase above $100,000, showing no significant movements in the past 24 hours. Key indicators, including its position above the 50-day and 200-day SMAs, suggest continued bullish momentum, supported by an “Extreme Greed” market sentiment score of 83. The “3 Expansion Phases” pattern, highlighted by TradingShot, indicates Bitcoin could reach $150,000 […]
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