Peter Brandt warns of potential further decline in Bitcoin price, contrasting with Samson Mow's optimism.

From Investing.com

September 7, 2024 07:00 AM:

Legendary commodities trader Peter Brandt has made a gloomy statement about Bitcoin’s current situation after a nearly 6% decline in the last 24 hours, with BTC dropping from $56,500 to $53,200.

Brandt pointed out that BTC has been on a steady decline since mid-March, down 26.39% from its all-time high of $73,750, causing more emotional damage due to the prolonged correction.

Brandt highlighted an inverted expanding triangle pattern on a Bitcoin chart, with a potential lower boundary test around $46,000, stating that “Selling is stronger than buying in this pattern.”

In contrast, Samson Mow believes Bitcoin will not go lower, expecting an “Omega candle” soon to signify the end of the accumulation phase for BTC, challenging Brandt’s prediction.

Read more at Investing.com: Legendary Trader Peter Brandt Makes Important Bitcoin Correction Statement By U.Today