Renowned financial analyst Peter Brandt forecasts a head-and-shoulders pattern formation on the Bitcoin chart, which could impact the market.
Peter Brandt Analyzes Bitcoin Chart
Peter Brandt shared his observations on a possible head-and-shoulders pattern forming on the Bitcoin daily chart. This pattern could indicate a sharp price drop to $73,000. However, Brandt noted that the pattern could morph into something else, and traders should not rely solely on chart analysis.
Ali Martinez Warns of Additional Risks
Crypto analyst Ali Martinez pointed out that Bitcoin has dipped below key levels between $95,400 and $98,400. At $91,200, a critical support level emerges, and breaking below $92,000 could lead to a drop to $74,000. This range has not seen much volume, complicating further growth.
Market Volatility Creates Doubt
Recently, Bitcoin has been trading with increased volatility. The recent spill in the stock market has also negatively impacted, causing pessimism among investors. In the last 36 hours, the total market cap of cryptocurrencies has dropped by $400 billion. This decline has affected not only Bitcoin but also cryptocurrencies like Ethereum, Binance Coin, Dogecoin, and Solana.
The characteristic head-and-shoulders pattern for bearish market reversal worries analysts. While this pattern may not fully realize, traders are preparing for a possible deeper correction.
