Some fear seems to have crept into the market, as the price sinks further to $23,000. What do the analysts say?
Bearish pattern
Legendary analyst Peter Brandt sees a bearish pattern, called a rising wedge, on the bitcoin chart. This is a technical price pattern which may indicate a future decline in the price. At the same time Brandt has some reservations.
https://twitter.com/PeterLBrandt/status/1559607178125795333
Firstly, the rising wedge is not yet fully formed, so there is still a chance that another pattern will form from it. Also, Brandt sees that too many people agree with him, then the pattern is obvious and loses predictive value.
His fellow analyst Kaleo also anticipates a drop in the bitcoin price and he has to adjust his earlier expectations. A capitulation could lead to another drop towards $20,000.
The pseudonymous analyst sees more red days in the stock market and that is also pulling bitcoin further down.
https://twitter.com/CryptoKaleo/status/1559265656775770116
Michaël van de Poppe is a little more cautious and is watching the $23,000 zone to see if more buyers can step in there. He also sees that a lot of fear has crept into the markets since the collapse of interest rate platform Celsius.
https://twitter.com/CryptoMichNL/status/1559987806403010562
https://www.indexuniverse.eu/peter-brandt-will-this-bearish-pattern-for-bitcoin-come-true/
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