Based

bullish

2024

Bitcoin

when

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
A new&nbsp;<a href="https://u.today/crucial-bitcoin-fix-the-money-tweet-published-by-michael-saylor">Bitcoin (BTC)</a> price review from&nbsp;<a href="https://x.com/PeterLBrandt/status/1818754544299339943">Peter Brandt</a> has sparked a whole wave of reactions from the crypto community. Thus, the legendary trader, who has been operating on the financial markets since the 1970s, noticed that for more than half a year, the price of the main cryptocurrency has been consistently printing lower highs. The recent is third in line.
Having reached a new price high of around $74,000 in March,&nbsp;<a href="https://u.today/crucial-us-bitcoin-reserves-statement-made-by-samson-mow">Bitcoin</a> failed to break that mark over the following months. Consecutive lower highs can be interpreted as a downtrend. Based solely on this, we can expect that Bitcoin's price is unlikely to go above $69,000 in the near term.
This could significantly shrink the ultra bullish sentiment of recent weeks and thus introduce an element of fear onto the market, increasing the fragility of its price structure.
<blockquote>
 The series of lower highs and lower lows continues <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://t.co/T4vfCID0Mf">pic.twitter.com/T4vfCID0Mf</a>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1818754544299339943?ref_src=twsrc%5Etfw">July 31, 2024</a>
</blockquote> 
Interestingly, Brandt faced a lot of criticism for his Bitcoin outlook. For example, the trader was accused of having changed his shoes: if recently he shared quite bullish forecasts, today his reviews are already bearish.
Even Peter Schiff, a well-known Bitcoin critic, could not resist asking Brandt if this means he is no longer as bullish as when he warned him that Bitcoin would outperform gold by a factor of 5. Since that post was published,&nbsp;<a href="https://u.today/no-bitcoin-etfs-didnt-lose-17-billion-in-24-hours">BTC</a> is down 4%, while gold is up 2%, the crypto skeptic noted.

Legendary Trader Peter Brandt Exposes Worrying Bitcoin Price Pattern

U_Today

Other articles published on Aug 1, 2024

Donald Trump Influences Bitcoin Price Fluctuations

Icebreaker Secures $5M Seed Funding to Build Blockchain Alternative to LinkedIn

SEC vs BitClout: Regulatory Crackdown on Fraud

KEY Difference Wire rolls out new platform to boost crypto industry coverage

Michael Saylor’s Company Continues Bitcoin Accumulation Despite Price Drop

Ethereum Plummets 8.5% Following ETF Outflows: Analyzing the Market Reaction

Join our free newsletter for daily crypto updates!