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The Daily Hodl
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Legendary Trader Who Called 2018 Crypto Collapse Issues Bitcoin (BTC) Warning as US Dollar Goes Parabolic

by Daily Hodl Staff
July 7, 2022
in Bitcoin, Trading

Veteran trader Peter Brandt is issuing traders a warning about a particular Bitcoin (BTC) pattern he’s seeing on the charts.

Brandt, who became a well-known crypto analyst after correctly calling Bitcoin’s 2018 collapse, tells his 667,100 Twitter followers that BTC could be in a pennant trading pattern, which would indicate Bitcoin’s downward price move is likely to continue.

“When it looks like a pennant and acts like a pennant it is often a pennant.”

Source: PeterLBrandt/Twitter

Bitcoin is trading for $20,483 at time of writing.

Brandt said last week that it would be a positive development for BTC if the Bitcoin Dominance chart (BTC.D) manages to reach 50%.

The BTC.D tracks how much of the total crypto market capitalization belongs to Bitcoin and has not reached 50% since July of 2021 when it bottomed out at around $30,000 before rallying to its all-time high at $69,000. Bitcoin Dominance currently sits around 42.45%.

Brandt also notes that the US Dollar Index was recently trading at a 20-year high, explaining,

“The global debt market is denominated mostly in USDs which means payback must be in USD. In effect, the world banking system is short dollars.”

Source: PeterLBrandt/Twitter
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