Having reached a new price high of around $74,000 in March, Bitcoin failed to break that mark over the following months. Consecutive lower highs can be interpreted as a downtrend. Based solely on this, we can expect that Bitcoin’s price is unlikely to go above $69,000 in the near term.
This could significantly shrink the ultra bullish sentiment of recent weeks and thus introduce an element of fear onto the market, increasing the fragility of its price structure.
Interestingly, Brandt faced a lot of criticism for his Bitcoin outlook. For example, the trader was accused of having changed his shoes: if recently he shared quite bullish forecasts, today his reviews are already bearish.
Even Peter Schiff, a well-known Bitcoin critic, could not resist asking Brandt if this means he is no longer as bullish as when he warned him that Bitcoin would outperform gold by a factor of 5. Since that post was published, BTC is down 4%, while gold is up 2%, the crypto skeptic noted.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
