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’s recent performance has renewed investor optimism, with the asset climbing 13% over the past month. Although it hasn’t yet broken the $100,000 threshold, several key indicators suggest a return to previous highs could be on the horizon. One of the clearest signs of growing confidence is the continued drop in exchange-held Bitcoin. When fewer […]
Bitcoin may be gearing up for a powerful move that could push its price into six figures, potentially soaring beyond $150,000—if a long-standing market pattern continues to unfold as expected. A technical setup observed by the analyst TradingShot suggests that Bitcoin is once again mirroring a signal that has historically preceded each of its major […]
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 […]
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 […]