Peter Brandt: Will this bearish pattern for bitcoin come true?

Last Updated: 18 August 2022

Some fear seems to have crept into the market as the price sinks further to $23,000. What do the analysts say?

Bearish pattern

On the bitcoin chart, legendary analyst Peter Brandt sees a bearish pattern called a rising wedge. This is a technical price pattern that may indicate a future decline in the price. At the same time, Brandt has some reservations.

Firstly, the rising wedge is not yet fully formed, so there is still a chance that another pattern will form from it. Also, Brandt sees that too many people agree with him, then the pattern is obvious and loses predictive value.

His fellow analyst Kaleo also anticipates a drop in the bitcoin price, and he has to adjust his earlier expectations. A capitulation could lead to another drop towards $20,000.

The pseudonymous analyst sees more red days in the stock market, and that is pulling bitcoin further down too.

Michaël van de Poppe is a little more cautious and is watching the $23,000 zone to see if more buyers can step in there. He also sees that a lot of fear has crept into the markets since the collapse of interest rate platform Celsius.

Author
  • Ivan Brightly

    Ivan Brightly is a leading cryptocurrency analyst and author with over 5 years of experience in the blockchain and digital asset space. He previously served as a senior analyst at a major cryptocurrency hedge fund where he led quantitative research and trading strategy development.

    Ivan holds a Master's degree in Finance from the London School of Economics and a Bachelor's in Computer Science from Stanford University. He is frequently invited to speak at fintech and blockchain conferences worldwide on topics spanning cryptocurrency trading, blockchain technology, and the future of digital assets.

    Ivan's commentary has been featured in several major finance and technology publications including Forbes, Bloomberg, and CoinDesk. He is considered one of the most insightful voices analyzing new developments in the cryptocurrency and blockchain industry.

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