U.Today – Peter Brandt’s fresh (BTC) price review has sparked a whole wave of reactions from the cryptocurrency community. The legendary trader, who has been energetic in financial markets since the 70s, noted that the price of the main cryptocurrency has been consistently reaching lower highs for over half a year. The latest is third in line.
Having reached a fresh price peak of around $74,000 in March, Bitcoin failed to break through that level in the following months. Subsequent lower highs can be interpreted as a downtrend. Based on this alone, we can expect the price of Bitcoin to be unlikely to exceed $69,000 in the near future.
This could significantly weaken the extremely positive sentiment of recent weeks and thus introduce an element of fear into the market, increasing the fragility of the price structure.
Interestingly, Brandt has faced a lot of criticism for his views on Bitcoin. For example, the trader was accused of changing shoes: if recently he shared quite bullish forecasts, then today his reviews are already bearish.
Even Peter Schiff, a well-known Bitcoin critic, couldn’t lend a hand but ask Brandt if this means he’s no longer as positive as he was when he warned him that Bitcoin would outperform gold by a factor of 5. Since that post, BTC is down 4%, while gold is up 2%, the crypto skeptic noted.
