Renowned chartist Peter Brandt suggests that the current bullish pattern in Bitcoin could be deceiving. Despite forming an inverse head-and-shoulders pattern, the sloping neckline raises concerns.
Peter Brandt's Analysis
Bitcoin has formed an inverse head-and-shoulders pattern on the daily chart, which is typically seen as a sign of bullish reversal. However, Peter Brandt points out that the downward-sloping neckline makes the pattern less reliable. He prefers patterns with horizontal necklines as they are significantly more trustworthy.
Josh Olszewicz's Opinion
Trader Josh Olszewicz notes the pattern on the one-day chart and believes this could be the last chance for the bulls. Otherwise, Bitcoin might fall back into the $60,000-$70,000 range. He also mentioned that news about tariffs might affect price movement soon.
Current Market Situation
According to CoinGecko, Bitcoin is currently trading at $83,091 after losing 0.7% over the past 24 hours. Earlier on Sunday, the cryptocurrency hit an intraday low of $81,769. Global trade tensions are putting extreme pressure on the cryptocurrency's bullish momentum.
Although Bitcoin's current pattern appears bullish, analysts warn it may be unstable. As global economic and trade conditions continue to impose pressure, investors should be prepared for potential changes in market dynamics.
