Peter Brandt, a commodities trader who has been in the industry since the 1970s, has issued a rather pessimistic statement to his followers regarding the current state of Bitcoin.
The biggest digital currency in the world had lost almost 6% in value in the previous 24 hours. Peter Brandt conceded on his X social media profile that the most recent time Bitcoin had closed at that low level was February 25 of this year, as the cryptocurrency plummeted from the $56,500 zone to $53,200.
The trader’s Bitcoin chart, which displays the entire scope of the present BTC correction, demonstrates that digital gold has been declining slowly since mid-March, following its all-time high of $73,750.
Bitcoin has experienced a 26.39% decline since that historic apex. While it has occasionally demonstrated minor recoveries, it is evident that BTC has been on a downward trajectory for over six months when one employs a chart magnification. BTC has not experienced a significant decline; rather, it has experienced a protracted correction.
Brandt emphasized that “drawdowns are characterized by two dimensions: price and duration.” Currently, the duration factor is more prevalent, and as Peter Brandt observes in his tweet, “Prolonged corrections can cause more emotional harm than can severe corrections.”
Brandt previously published a Bitcoin chart that demonstrated a significant pattern. Traders refer to this pattern as “an inverted extending triangle” or “a megaphone.”
He stated that the lower boundary for Bitcoin would be approximately $46,000. According to Brandt, the sole current measure that can reverse BTC and “reset the bull market” is “a substantial push toward new ATHs.” Alternatively, the chartist declared, “In this pattern, selling is more robust than purchasing.”
Also Read: Ripple co-founder endorses Harris for president in letter
