Summary
- Veteran trader Peter Brandt said he sees the possibility of further declines in Bitcoin (BTC).
- Brandt said a Bear Flag pattern has appeared on the weekly chart, indicating the correction may not be over yet.
- He explained that the pattern suggests Bitcoin could fall to around $49,000.
Forecast Trend Report by Period
Veteran trader Peter Brandt has raised the possibility of further downside in Bitcoin (BTC).
According to crypto-focused media outlet The Crypto Basic on the 27th (local time), Brandt said that "the correction may not be over yet" and that "a Bear Flag pattern has emerged on the weekly chart."
He explained that the pattern "suggests Bitcoin could drop to around $49,000."
The analysis indicates that, even as Bitcoin has recently been showing signs of a rebound, additional downside risk may still exist from a technical perspective.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
