Peter Brandt: "Bitcoin (BTC) could fall further to $49,000"

JH Kim

Summary

Peter Brandt said he sees the possibility of further declines in Bitcoin (BTC).
He said a Bear Flag pattern has appeared on the weekly chart.
He explained the pattern suggests Bitcoin could fall to around $49,000.

Forecast Trend Report by Period

Veteran trader Peter Brandt raised the possibility of further downside in Bitcoin (BTC).

According to Crypto Basic, a digital asset (cryptocurrency) news outlet, on the 27th (local time) Brandt said, "The correction may not be over yet," adding that "a Bear Flag pattern has emerged on the weekly chart."

He explained that the pattern "suggests Bitcoin could decline to around $49,000."

The analysis indicates that even as Bitcoin has recently shown a rebound, additional downside risk may still exist from a technical perspective.