Legendary trader Peter Brandt warns of Bitcoin downtrend with consecutive lower highs, impacting market sentiment

From Investing.com

August 1, 2024 9:00:20 pm:

Legendary trader Peter Brandt’s recent Bitcoin price review has stirred reactions in the crypto community. Brandt noted that Bitcoin has been printing consecutive lower highs for over six months, indicating a downtrend. With a high of $74,000 in March, Bitcoin’s failure to break that mark suggests a near-term price ceiling of $69,000.

Brandt’s bearish Bitcoin outlook received criticism. Some accused him of changing his tune from bullish to bearish. Even Bitcoin critic Peter Schiff questioned Brandt’s shift in sentiment, noting that since Brandt’s warning, BTC is down 4% while gold is up 2%.

Brandt’s analysis may impact the ultra bullish sentiment in the market, leading to fear and increased price fragility. The shift in Brandt’s outlook from bullish to bearish has raised questions and skepticism in the crypto community.

Read more at Investing.com: Legendary Trader Peter Brandt Exposes Worrying Bitcoin Price Pattern By U.Today