Amid the continuous blend of bulls and bears from Bitcoin in recent months, Trading Guru Peter Brandt has shared in his latest post a worrisome pattern observed on the Bitcoin price chart. According to Brandt, Bitcoin appears to be on a downward trend. The legendary trader said in a recent post on Elon Musk’s social media platform X: “The series of lower highs and lower lows continues.”
What Are the Implications Of This Pattern
Notably, the consistent lower highs and lows as observed by Brant might just be an indicator to a cooling of the recent bullish fervor. Since Bitcoin has hit a peak above $73,000 in March, the asset has been unable to reclaim this all-time high.
Related Reading: Is Bitcoin Poised for a September Price Surge? What Traders Need to Know
Particularly, whenever BTC attempts to rally, moving closer to its March peak, the asset only appears to hit a ceiling at the $70,000 region and then trade lower than the previous swing low. This pattern of consecutive lower highs and lower lows is traditionally seen as indicative of a bearish trend at play.
While Brandt’s post can be seen as quite insightful, the comment section of the post suggests that is not the type of insights many are looking for. Scrolling through the comments, Brandt faced criticism for this highlighted pattern.
An X user specifically pointed out perceived inconsistencies in Brandt’s bullishness for Bitcoin, citing previous comments made by Brandt that were more optimistic.
WTH @PeterLBrandt you were bullish a week ago saying how great the chart looked!!
— Jordan Wirsz (@JordanWirsz) August 1, 2024
Regardless, other prominent figures in the crypto space were more candid with their comments. Willy Woo, for instance, weighed in on the discussion, noting:
That’s the thing with short term markets, you never know if the “lower high” was in fact the lower high before the next rebound or in fact it really printed, you only know with sufficient hindsight.
What’s Behind The Current Bitcoin Downtrend?
Meanwhile, Bitcoin is facing bearish pressure. The asset has fallen by 5.1% in the past 24 hours to trade below $63,000 at a price of $62,901 at the time of writing. This decline has erased more than $50 billion from its market cap in just the past day alone.
Interestingly, despite this bearish performance, Bitcoin’s trading volume has surged over the same period from $24 billion yesterday to $28 billion as of today.
According to a CryptoQuant author on the QuickTake platform, the current plunge in Bitcoin is caused by the movements in age band in which large sum of BTC been held for years has moved since the asset touched the $70,000 mark recently.
Despite this selling pressure, the analyst noted:
We are very close to a recovery, but it seems like it will take a bit more time. I strongly recommend checking the age bands to monitor potential liquidity and sales.
Featured image created with DALL-E, Chart from TradingView
Samuel Edyme
Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.
Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.
Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.
When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)
Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.
In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.
Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think’s probably unfeasible, I’ve done already a hundredfold.”
PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.
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