Seasoned trader Peter Brandt is issuing a warning to investors, saying that Bitcoin (BTC) is flashing a major bull flag.
In a new thread on the social media platform X, Brandt tells his 766,000 followers that the top crypto asset by market cap is forming a head-and-shoulders top pattern, indicating that it could crash all the way back down below $80,000.
“This is a head and shoulders top pattern. It might complete and take price to $78,000; it might fail with a thrust hire: or, it might morph into something else. But as it stands right now, it is a head and shoulders top and must be dealt with for what it is.”
Brandt goes on to note that the crypto king could be forming a similar pattern it did years ago before it ultimately hits new heights.
“If you are a Bitcoiner, take a look at this post from several years ago. It describes the famous Hump Slump Bump Dump Pump chart construction in BTC. Same thing could be happening now.”
Concluding his analysis, Brandt says that those looking at digital assets such as BTC and smart contact platform Solana (SOL) as a means to achieve economic justice are in for disappointment.
“Editorial comment – you may agree or disagree Many in M and Z generations view crypto (BTC, SOL, others) as something that will bring them economic justice and will make all things right in the universe. Those who think this way are in for a massive disappointment. Sorry!”
Bitcoin is trading for $94,190 at time of writing, a 1.4% decrease during the last 24 hours.
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