Peter Brandt Raises The Possibility Of BTC Completing Double-Top Pattern

Author: Nidhi Kolhapur

Nidhi Kolhapur

Author

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

Jul 8, 2024 17:32

The trading legend, Peter Brandt, in an X post, raised a question about whether Bitcoin has completed a double top pattern, suggesting a potential minimum target of $44,000. Brandt’s analysis was supported by a Bitcoin price chart, where he projected his expectations. The level of around $44,000 was marked, indicating significant downside risk if the double top pattern is confirmed. However, the outlook is not entirely bearish as for a true double top formation, the depth of the top of BTC would need to be around 20% of the price, while the current depth is only around 10%.