Skip to content
- Peter Brandt warns of a risky chart setup in Bitcoin’s current bullish pattern.
- A slanted neckline may signal weak momentum, raising concerns of a potential fake breakout.
- Analysts watch $60K–$70K as key support if Bitcoin fails to maintain bullish structure.
Renowned trader Peter Brandt has identified what seems to be a deceptive bullish formation in Bitcoin’s daily market graph. Brandt expressed doubt about the potential result of an upcoming bullish setup because of his extensive experience in the markets.Bitcoin recently formed an inverse head-and-shoulders pattern during its latest trading phase. Typically, traders interpret this setup as a signal for a bullish price correction.
Source: @PeterLBrandt
However, Brandt pointed out that the neckline of this particular formation is sloping downward instead of remaining flat. He states that patterns featuring slanted necklines reveal less reliable outcomes than horizontal necklines.
A declining neckline may show poor buying power which could lead traders to mistake a trend reversal. Such an event could trigger Bitcoin prices to drop below the neckline instead of rising as anticipated.
During bullish market sentiment periods Brandt advocated using pattern strength assessments to determine the validity of chart formations. Market participants should exercise caution through pullback analysis despite positive pattern indicators.
Bulls Face Final Test as Bitcoin Struggles Above $80,000
Meanwhile, trader Josh Olszewicz also weighed in on Bitcoin’s technical setup and issued a warning for bulls in the current market phase. He noted that the present conditions could represent the final opportunity for buyers to hold vital support levels before a downward shift.
According to data from CoinGecko, Bitcoin is currently trading at $83,091 after registering a 0.7 percent decline over the past 24 hours. Earlier on Sunday, the asset hit an intraday low of $81,769, reflecting increasing market pressure.
Moreover, the $60,000 to $70,000 price range is becoming a significant support zone if Bitcoin fails to sustain upward movement. Analysts suggest that any breakdown in pattern structure could lead to a prolonged correction into this area.
Besides technical signals, global trade tensions are contributing to broader market caution and putting pressure on risk assets, including cryptocurrencies. As Bitcoin continues to face resistance at higher levels, investor hesitation remains visible across the board.
while market sentiment remains cautiously optimistic, analysts stress the need for confirmation before taking strong positions. Technological signals that are clearly defined would assist traders in delaying entry into markets prematurely.
The current Bitcoin price trends and technical indicators receive varied opinions from expert traders. Peter Brandt and Josh Olszewicz issue warnings which suggest that upcoming trading periods will establish Bitcoin’s future major price direction.
Also Read: RLUSD’s Market Cap Surpasses Projections as Ripple Stablecoin Gains Wider Adoption
