Analyst Peter Brandt warns of a possible decline in the BTC rate

A reversal pattern has formed on the asset’s price chart

11.05.2023 - 12:15

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The material is not an investment recommendation and is published for information purposes only.

What’s new? On May 11, analyst Peter Brandt recorded a “head and shoulders” pattern on the bitcoin price chart, which may indicate a trend reversal in the downward direction. According to the expert, the figure “should be taken seriously,” because its formation, which is usually followed by the fall of the rate, has already been fully completed. As of May 11, 11:30 UTC, BTC is trading at $27 448 on Binance, having fallen by 0,57% during the day and by 6,2% during the week, according to aggregator CoinGecko.

A head and shoulders should be taken seriously if it is completed $BTC pic.twitter.com/n5ZiLasmUC
— Peter Brandt (@PeterLBrandt) May 11, 2023

Analyst’s previous predictions. Brand suggested in January that BTC could rise above $30 000 by the second quarter within the “inverse head and shoulders” pattern, indicating the potential end of the downtrend, and also said that the first cryptocurrency had reached the bottom, after which growth above $25 000 is possible.

In March, the expert predicted that BTC would reach new historical highs within a year. In February, he found similarities on the BTC price chart with the events of 2019. According to Brandt, significant patterns for the first cryptocurrency – “price walls” – also were formed then.

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In late April, the trader predicted an increase in bitcoin’s share of the crypto market, which will strengthen the asset’s leading position.

Who is Peter Brandt? He is a cryptocurrency analyst and trader who has been working in the financial markets for more than 40 years. He is the creator of Factor Trading, a service that provides expert reports and analysis of asset value charts.

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