Seasoned trader Peter Brandt warns investors, saying Bitcoin (BTC) is showing a major bull flag.
In a new thread on the social media platform X, Brandt tells Its 766,000 followers indicate that the leading cryptocurrency by market cap is forming a head-and-shoulders top pattern, indicating it could crash all the way back below $80,000.
“This is a head and shoulders top pattern. It could be complete and bring the price to $78,000; it could fail with a thrust rent: or it could turn into something else. But as it stands now, it is head and shoulders a top issue and it must be dealt with as it is.”
Brandt further notes that the crypto king could be forms a similar pattern to years ago before finally reaching new heights.
“If you are a Bitcoiner, check out this post from a few years ago. It describes the famous Hump Slump Bump Dump Pump card construction in BTC. The same thing could happen now.”
Concluding his analysis, Brandt said say that those who see digital assets like BTC and the smart contact platform Solana (SOL) as a means to achieve economic justice will be disappointed.
“Editorial – you can agree or disagree. Many in the M and Z generations see crypto (BTC, SOL, others) as something that will bring them economic justice and make all things right in the universe. Those who think this way are in for a huge disappointment. Sorry!”
Bitcoin is trading at $94,190 at the time of writing, down 1.4% over the past 24 hours.
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Generated image: Midjourney