Veteran trader Peter Brandt says that the formation of a rising wedge on the Bitcoin/US dollar chart is cause for concern.
Brandt poses a question to his more than half a million Twitter followers on whether the rising wedge pattern will meet expectations or disappoint.
“Rising wedge – will it fulfill its expectations or fail to launch?”
A rising wedge pattern can sometimes signal that the price of an asset is poised to fall.
In a reply to a follower’s question as to whether he expects the price of Bitcoin to go up or down, Brandt says that he has a long position on the flagship cryptocurrency, but that he is concerned by the high level of bullish sentiment.
“Does not matter if I am bullish or bearish. I am long, substantially, but am concerned bullish sentiment remains much too high.”
Earlier this month, the experienced trader said that Bitcoin was still in a “long-term bull trend” while acknowledging that volatility would continue to remain a key feature of the flagship cryptocurrency.
Brandt’s concerns contrasts sharply with the views of PlanB, the anonymous analyst who popularized the stock-to-flow model in the valuation of Bitcoin.
PlanB tells his nearly 700,000 Twitter followers that according to the stock-to-flow model, which evaluates the value of Bitcoin by dividing the total supply by new supply, Bitcoin is currently in the second leg of a bull run.
“Both bitcoin S2F [stock to flow] (white line) and on-chain signal (color, not red yet) still indicating a 2nd leg of this bull market.”
PlanB further says that Bitcoin will hit six-figure levels.
“IMO [in my opinion] we are going up, first to [$100 thousand], then [$288 thousand]”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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