Bitcoin

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<p lang="en-GB" xml:lang="en-GB">Savvy old-school commodity trader Peter Brandt has published an X Twitter post to share what he expects may happen to the leading global cryptocurrency Bitcoin soon and this prediction does not sound bullish.</p> 
<p>His post came out as <a href="https://u.today/heres-what-saved-bitcoin-and-crypto-market-in-past-24-hours" rel="noopener noreferrer nofollow">Bitcoin has again slipped down</a> and is changing hands at $25,958 at press time.</p> 
<h2 id="a-close-below-24-800-for-bitcoin">A close below $24,800 for Bitcoin?</h2> 
<p>Brandt tweeted that currently, as <a href="https://u.today/is-bitcoin-poised-for-another-massive-crash" rel="noopener noreferrer nofollow">Bitcoin continues to decline</a>, it is once again testing the neckline of the underlying inverted Head &amp; Shoulders pattern on the chart. He believes that Bitcoin going down and closing under the $24,800 level (the low hit by BTC during the previous retest) “would do damage to the daily and weekly graphs”.</p> 
<p>He finished the post with a sarcastic self-punching statement, mirroring the trolling some in the crypto community pour upon him for his crypto predictions - “But hey, what do I know? I am only a boomer who does charting.”</p> 
<p lang="en-GB" xml:lang="en-GB">An inverted H&amp;S pattern is a reverse pattern on charts that usually indicates that a bearish trend is about to turn bullish.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">The decline in Bitcoin <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> is once again retesting the neckline on the underlying inverted H&amp;S. A close below 24,800 (the low of the previous retest) would do damage to the daily and weekly graphs. But hey, what do I know? I am only a boomer who does charting. <a href="https://t.co/Wj5JhFzNdZ" rel="noopener noreferrer nofollow">pic.twitter.com/Wj5JhFzNdZ</a></p>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1692582424243282175?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 18, 2023</a> 
</blockquote> 
<h2 id="brandt-expects-the-uptrend-line-to-be-broken">Brandt expects the uptrend line to be broken</h2> 
<p>Earlier this week, the <a href="https://u.today/bitcoins-tipping-point-prominent-trader-peter-brandt-highlights-key-level" rel="noopener noreferrer nofollow">prominent trader tweeted</a> that he believed Bitcoin was challenging the multi-contract trendline from the 2023 bottom, adding that he expected Bitcoin’s move through the month of August to be a bear signal or bear trap.</p> 
<p>Brandt tweeted that being a swing trader he expects the upward trendline to be violated, so he would choose either short or flat positions. “Only if a bear trap is actually "sprung" would I consider it a bullish development. I strongly prefer horizontal chart construction.”</p>

Legendary Chartist Peter Brandt Assumes Bitcoin May Close Below $24,800: Details

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