BCGAME - Free 5BTC Daily Bonus!- Bitcoin has been facing a prolonged correction since March.
- Peter Brandt analyzes the emotional impact of falls.
- Formation of a chart pattern indicates further declines.
Peter Brandt, a renowned American trader, recently addressed his followers on social media, addressing the current Bitcoin correction. With a trajectory marked by the analysis of graphic patterns, Brandt brought light to the recent fall of the main digital currency, which plummeted to US$ 53.200, marking a significant devaluation in less than 24 hours.
Brandt shared a chart of Bitcoin, highlighting the coin’s continued decline since mid-March, after reaching an all-time high of $73.750. He emphasized the importance of observing not only the price but also the duration of the current correction.
In his words, “The last time Bitcoin closed below its current price was on February 25, 2024. $BTC #Bitcoin There are two dimensions to declines: price and duration. Prolonged corrections can cause more emotional damage than sharp corrections.”
The experienced analyst pointed out that since its historical peak, Bitcoin's value has already reduced by 26,39%. Brandt pointed out that, although there are small recoveries, the broader view shows that the currency has been in a steady decline for more than six months, evidencing a prolonged and not sharp correction.
Furthermore, Brandt highlighted the formation of a worrying chart pattern, described as “an expanding inverted triangle” or “a megaphone.” According to him, a test of the lower boundary of this pattern would indicate a value of approximately $46.000 for Bitcoin. He concluded that the only possible turnaround for the cryptocurrency would be “a massive push into new ATHs (All-Time Highs),” otherwise, “selling is stronger than buying in this pattern.”
At the time of publication, the price of Bitcoin is now trading at $54.607,90, down 1% in the last 24 hours.
