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.”
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.”
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