Bitcoin

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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/peter-brandt-issues-warning-as-bitcoin-faces-price-challenges/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Peter Brandt Issues Warning as Bitcoin Faces Price Challenges</a><br></p>
<p style="text-align: justify">Experienced trader Peter Brandt has warned that Bitcoin’s (BTC) decline to the $60,000 level poses significant risks. As a prominent figure in the <a href="https://en.coin-turk.com/singapore-expands-crypto-regulation-to-enhance-oversight/" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a><a href="https://en.coin-turk.com/iran-fires-missiles-and-influences-crypto-market-dynamics/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a> market, Brandt highlighted that Bitcoin must reach specific price targets to maintain its current upward trend.</p>
<h2 id="concerns-regarding-bitcoin-s-upward-trend">Concerns Regarding Bitcoin’s Upward Trend</h2>
<p style="text-align: justify">In a recent statement to his followers on social media, Brandt emphasized the need for Bitcoin to achieve higher price targets on a weekly timeframe. He expressed that without reaching these targets, there would be no assurance that the upward trend is sustained, stating:</p>
<blockquote>
 <p>The recent Bitcoin rally has not influenced the sequence of seven-month low highs and low lows. Only a close above $71,000 and a new all-time high will demonstrate that the trend, which has continued from the November 2022 lows, is still in play.</p>
</blockquote>
<h2 id="technical-analysis-and-patterns">Technical Analysis and Patterns</h2>
<p style="text-align: justify">Brandt noted that Bitcoin has formed a bearish “Three Blind Mice” pattern on the daily chart. This formation generally indicates that the current trend is likely to continue according to technical analysis.</p>
<p style="text-align: justify">In his commentary on the formation, Brandt remarked, “Bitcoin is creating the famous ‘Three Blind Mice and a Piece of Cheese’ pattern.”</p>
<h2 id="relationship-between-xrp-and-bitcoin">Relationship Between XRP and Bitcoin</h2>
<p style="text-align: justify">Additionally, Brandt warned that the payment network XRP (XRP/BTC) could be forming a head and shoulders (H&amp;S) pattern on the monthly chart. This pattern is often regarded as a bearish reversal signal in technical analysis.</p>
<p style="text-align: justify">Currently, XRP/BTC is trading at 0.00000861 BTC (approximately $0.52), having lost about 2% in value in the last 24 hours.</p>
<h2 id="current-status-of-bitcoin">Current Status of Bitcoin</h2>
<p style="text-align: justify">At present, Bitcoin is trading around $61,000. Market observers are closely monitoring Brandt’s warnings as traders anticipate that Bitcoin must meet necessary technical targets to sustain its upward trend.</p>
<p>The post <a href="https://en.coin-turk.com/peter-brandt-issues-warning-as-bitcoin-faces-price-challenges/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Peter Brandt Issues Warning as Bitcoin Faces Price Challenges</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Peter Brandt Issues Warning as Bitcoin Faces Price Challenges

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