DDuring the past 24 hours, the global cryptocurrency market reverted to its previous positions with the all-important cryptocurrencies trading in the red. After a brief rally, it is not just bitcoin and ethereum, but other major currencies that have been in market trouble.
The broader crypto market is down 0.80% to $905.21 billion in the last 24 hours.
Meanwhile, Peter Brandt, a well-known future investor and trader, has always been open about cryptocurrency price movements. He now predicts that the price of bitcoin is likely to continue to decline for a few more weeks.
bitcoin price enters pennant pattern
Peter Brandt took to Twitter to share a graph representing bitcoin’s price action from April 2022 to the present day. The chart shows the major currency moving towards a pennant pattern.
According to the chart, BTC broke the previous pennant formation towards the south and declined from $33k to $20K.
A pennant pattern is a graphic movement that occurs when an asset moves in a north or south direction, followed by a temporary consolidation before actually returning to its first trajectory.
Bitcoin’s behavior between April 2022 and now, according to Brandt’s graph, shows that the king currency actually had a major pullback and some consolidation before proceeding on a declining course.
Bitcoin appears to have begun a consolidation phase, with Brandt predicting the first-born currency to maintain its downside trend.
Bitcoin Price Below $13,000?
This is not Brandt’s first prediction, he has made several negative predictions for the price of bitcoin. Well-known crypto analysts, who believe that Bitcoin still needs to establish a bottom price, has predicted that the leading virtual currency could drop as low as $13,000 in the near future.
Since the beginning of the month, bitcoin price has been hovering around the $19,000 and $20,000 range. At the moment, bitcoin price is turning at $20,168, down 0.24% over the past 24 hours.