U.Today – Bitcoin Price Review

A new Bitcoin (BTC) price review from Peter Brandt has sparked a reaction within the crypto community. The legendary trader, who has operated since the 1970s, noticed that for over six months, Bitcoin’s price has consistently printed lower highs, with the recent high being the third in a series.

After reaching around $74,000 in March, Bitcoin has struggled to break that mark since then. These consecutive lower highs suggest a downtrend, indicating that Bitcoin’s price is unlikely to exceed $69,000 in the near term.

This situation could weaken the recently ultra-bullish sentiment in the market, introducing fear and increasing price fragility.

Interestingly, Brandt has faced criticism for his outlook on Bitcoin. He was accused of changing his stance; while he previously shared bullish forecasts, he now presents a bearish view. Even Peter Schiff, a known Bitcoin critic, questioned whether Brandt’s shift means he is no longer as bullish, referencing his earlier claim that Bitcoin would outperform gold by a factor of 5. Since then, BTC has declined 4% while gold has risen 2%.

This article was originally published on U.Today