U.Today

Old-school commodities trader Peter Brandt, active since the 1970s, issued a grim update about Bitcoin’s current status after a nearly 6% drop in 24 hours.

Peter Brandt’s Bitcoin Correction Comment

As Bitcoin fell from the $56,500 mark to $53,200, Brandt highlighted that this level hadn’t been seen since February 25 this year. He shared a Bitcoin chart indicating a steady decline since mid-March following its all-time high of $73,750. Overall, Bitcoin has dropped by 26.39%.

While there have been minor recoveries, the long-term trend shows a sustained downturn lasting over six months, reflected by Brandt’s statement that “there are two dimensions to drawdowns – price and duration.” He emphasized the emotional impact of prolonged corrections.

“Selling is Stronger than Buying Here”: Peter Brandt

Brandt also pointed to an emerging pattern in Bitcoin known as an “inverted expanding triangle” or “megaphone,” anticipating a potential test of the lower boundary around $46,000. He stated the only way to reignite the bull market is through a significant push to new all-time highs, otherwise, he believes, “selling is stronger than buying in this pattern.”

Samson Mow Defies Further BTC Decline Prospect

In contrast, Samson Mow disagrees, asserting that those expecting Bitcoin to decline further are mistaken. He predicts an “Omega candle” will soon appear, signaling the end of Bitcoin’s accumulation phase.

This article was originally published on U.Today.