U.Today – (BTC) started Thursday down to $57,300. The cryptocurrency is currently trading at its lowest level in almost three months, dating back to behind schedule April. , the second most capitalized cryptocurrency, also started the day down. But so did the rest of the market.
Over the past 24 hours, positions worth $319.98 million were liquidated, excluding the two consecutive days since the beginning of the week. According to the interim results for the week, we can now state a loss of $176 billion in the capitalization of the entire cryptocurrency market.
It is natural that such price action has caused general fear, uncertainty and doubt among market participants. Peter Brandt, legendary trader and recurrent commentator on current events in financial markets, volunteered to at least explain this vision.
Bitcoin bulls watch out
In his perspective, Brandt highlighted a significant bearish pattern: the bear flag. In low, this pattern indicates potential further declines for Bitcoin. Brandt’s chart, a key element of his analysis, visually depicts this bearish trend and signals caution for investors.
“In the U.S., our attention always turns to flags on the Fourth of July weekend,” Brandt noted, adding a touch of humor to his technical analysis.
As you can see, the mood painted by Brandt is not very sanguine, which means that buyers can expect a complex period on the market.
Either way, the perspective of a trading legend could aid him prepare for further declines. Whether that’s the case or not, we’ll only know for sure with hindsight.
