Bitcoin

when

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In a recent&nbsp;<a href="https://x.com/PeterLBrandt/status/1830991167124636149" rel="noopener noreferrer nofollow">social media post</a>, prominent commodity trader Peter Brandt named three main reasons why Bitcoin bulls should be worried.&nbsp;
For starters, he mentioned that the largest cryptocurrency has been forming a series of lower highs and lower lows. This is a bearish signal that typically indicates waning market optimism. Such a formation can often be interpreted as a trend reversal.&nbsp;
As noted by Brandt, the downward slope of lows "shows a lack of energy." It is worth noting that a downward slope is typically indicative of a downtrend.&nbsp;
Finally, Brandt, who is considered to be one of the most experienced classical chartists in the world, mentioned that there has been no other post-halving period in Bitcoin history when a new all-time high (ATH) has taken this long.&nbsp;
The famed trader went on to explain that he measures the current Bitcoin cycle by starting at the low of the previous bear market in November 2022.&nbsp;
At press time, Bitcoin is changing hands at $58,164, according to CoinGecko data. September has historically been the cryptocurrency's worst-performing month. As of recently, Bitcoin has been suffering from underwhelming ETF flows. Last week, for instance, BlackRock's IBIT recorded outflows for the second time since its launch.&nbsp;
As&nbsp;<a href="https://u.today/top-trader-peter-brandt-predicts-how-high-bitcoin-btc-price-might-go-in-this-cycle" rel="noopener noreferrer nofollow">reported by U.Today</a>, Brandt previously forecasted that the flagship cryptocurrency could skyrocket to $150,000 during this cycle. However, he also did not rule out that Bitcoin could have peaked back in March. The latter scenario had a 25% probability as of June. This would start a phase of "exponential decay" for the leading cryptocurrency.&nbsp;

Legendary Trader Brandt Names Three Terrifying Bitcoin Facts

U_Today

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