Greed

2024

Bitcoin

when

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<a href="https://u.today/peter-schiff-congratulates-bitcoin-whales-no-sarcasm" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> began the new week on a downtrend, falling briefly to $54,260 before recovering with a 3% gain to $57,500. Despite this rebound, Bitcoin is still down more than 8.4% since the beginning of the month, reflecting cautious market sentiment.
The Fear and Greed Index continues to show fear among market participants, highlighting the importance of paying attention to influential market experts.
One such expert, trading legend Peter Brandt, who has been in the markets since the 1970s, recently weighed in on Bitcoin's price action. Brandt raised the possibility that&nbsp;<a href="https://u.today/japans-microstrategy-metaplanet-tops-up-bitcoin-holding-with-42-btc" rel="noopener noreferrer nofollow">Bitcoin</a> may have completed a double top pattern, suggesting a potential minimum target of $44,000.
<blockquote>
 Has Bitcoin completed a double top?Yes or no????If yet, minimum target is $44,000What do you think?<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> <a href="https://t.co/EpzeihHJtF" rel="noopener noreferrer nofollow">pic.twitter.com/EpzeihHJtF</a>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1809961868603048271?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 7, 2024</a>
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A double top pattern is a bearish technical reversal pattern that typically signals a medium to long-term trend change from bullish to bearish. It is formed when the price of an asset peaks, retraces, then rises to a similar level before falling again.
Brandt's analysis was supported by a&nbsp;<a href="https://u.today/opinions/what-to-expect-from-bitcoin-btc-this-week" rel="noopener noreferrer nofollow">Bitcoin price</a> chart, where he projected his expectations. The level of around $44,000 was clearly marked, indicating significant downside risk if the double top pattern is confirmed.
However, Brandt's outlook is not entirely bearish. He acknowledged that for a true double top formation, the depth of the "top" of&nbsp;<a href="https://u.today/german-government-cant-stop-selling-bitcoin" rel="noopener noreferrer nofollow">BTC</a> would need to be around 20% of the price, while the current depth is only around 10%.
This nuance suggests that the double top pattern may not fully meet the technical criteria, which may indicate that the bearish scenario may not materialize.

'Minimum Target Is $44,000': Grim Bitcoin Price Prediction Issued by Legendary Trader

U.Today

Other articles published on Jul 8, 2024

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