Bitcoin investor Peter Brandt has issued a warning well about forming a double top formation.
In a current twitter post, noted trader Peter Brandt drew notice to the worrisome double top pattern, which he believes Bitcoin investors are ignoring. However, he emphasized that the trend cannot indeed be validated until it has been finished, hence why bears should not be too enthusiastic about the possibility of some other major correction.
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For the said time being, Brandt is just “passively interested” in the “double top” situation. He has only highlighted forth an emerging pattern that might land bulls in hot water, emphasizing that it does not inherently indicate his viewpoint or judgment.
After just a 15.23% weekly decline noted today on Friday, the biggest cryptocurrency is going up for sale at $48,220. Bitcoin is currently almost 30% off its all-time high of $69,044 set a month earlier. According to U.Today, famed value investor Louis Navellier previously forecasted that Bitcoin’s price may go beneath $10,000 if the biggest cryptocurrency completed a dual peak pattern.