Wall Street Legend recognizes double top in Bitcoin graph and expects crash
Last Updated on 12 July 2024 by CryptoTips.eu
Peter Brandt, who has been viewing and discussing stock market charts for more than thirty years, was one of the first classic Wall Street analysts to start analyzing and posting predictions for Bitcoin on social media. This week, after the drop below $56,000, he saw a familiar signal appear on Bitcoin’s annual chart, namely a double top. If correct, this is an extremely bearish signal.
Inflation
Bitcoin reacted yesterday, just like the stock markets, to the inflation news coming out of the United States. At the time of writing, the largest digital currency is trading for $57,800.
That is as far as the short term is concerned.
In the medium to long term, we currently have to make do with analyst predictions, as the bull run that usually follows a halving (the Bitcoin halving took place in April this year) has clearly not started yet.
Has Bitcoin completed a double top?
— Peter Brandt (@PeterLBrandt) July 7, 2024
Yes or no????
If yet, minimum target is $44,000
What do you think?$BTC pic.twitter.com/EpzeihHJtF
One of the analysts who often discusses the Bitcoin graph is Peter Brandt, the American author of several books on stock market analysis and trading. Peter saw a double top pop up on the Bitcoin chart earlier this week, on July 7, and waited for confirmation of the signal afterwards.
I calculate the high to low of the double top in BTC to be well in excess of 20% -- thus, a double top indeed https://t.co/5icc0XhVJN
— Peter Brandt (@PeterLBrandt) July 8, 2024
On July 8, he confirmed that double top, and since then believes that Bitcoin will soon start a new move downward as from this point.
According to him, the new support line of $56,000 (set after Bitcoin reached a new ATH in March) has already been broken twice since. Therefore, the next move down will be at least 20% lower, so $56,000 minus 20% of $56,000 or a bottom of around $44,800 before it can bounce back.
