Veteran trader Peter Brandt is sounding the alarm on Bitcoin, saying it could be in for a massive crash.
A Long Time Without New Highs
Brandt, who has a huge following on social media, points out that Bitcoin hasn’t hit a new all-time high in eight months. He says this is a bad sign, historically leading to a massive drop in price.
“Markets That Don’t Go Up Usually Can’t Go Up”
Brandt uses a classic market saying to explain his concern. He says Bitcoin’s recent lack of upward momentum is a warning sign.
Just an Observation, Not a Prediction
While Brandt’s outlook is bearish, he emphasizes that he’s just making an observation, not a prediction. He even acknowledges that he’s heavily invested in Bitcoin himself.
Brandt’s Previous Bullish Outlook
Just last week, Brandt was actually bullish on Bitcoin, predicting a big price jump in the next year. But he says that his current observation could change his outlook.
Bitcoin’s Current Price
Bitcoin is currently trading at around $62,741.
Disclaimer:
This information is for general knowledge and informational purposes only, and does not constitute financial advice. Always do your own research before making any investment decisions. /p>
