Don’t be pessimistic about Bitcoin, says a veteran trader who predicted the 2018 crash

Bitcoin (BTC) may have printed a classic “shoulder, head and shoulders” pattern, but the bulls could still win, says veteran trader Peter Brandt.

In one Tweet On October 27, Brandt, known for his accuracy in BTC price predictions, refused to go bearish against Bitcoin.

Brandt: Bitcoin could be confronted with “increased overload”

Close to $ 58,000 on October 27th despite another elimination of leveraged traders, analysts generally remain calm, even calling for a return of highs in a show of force that should surprise many.

Don’t be pessimistic about Bitcoin, says a veteran trader who predicted the 2018 crash
Don’t be pessimistic about Bitcoin, says a veteran trader who predicted the 2018 crash

For Brandt, too, there is hardly any reason to drop Bitcoin due to the current price campaign.

“The head and shoulders don’t always have to create a bear market for the implied target or beyond.”wrote.

“This pattern can also fail (bullish) or become a major overload (exhausting).”

An accompanying chart showed last week’s all-time high of $ 67,100, surrounded by two smaller highs, resulting in what is known as the “shoulder-head-shoulder” formation.

BTC / USD chart with a “shoulders, head and shoulders” pattern. Source: Peter Brandt / Twitter

Traditionally, such events rule out a sustained disadvantage for an asset, with the advantage being exhausted at a certain point and no longer sustainable.

In the meantime, The idea that Bitcoin could slide into an extended sideways trading period has re-entered the narrative in the past few days. Cointelegraph employee Michaƫl van de Poppe previously forecast a slow spike towards $ 90,000 that may not happen until early next year.

Everything is planned

For those concerned about further losses in the BTC / USD pair, falling borrowing rates, which are now almost “reset” after leverage has ceased, could allay fears.

Binance was of particular concern during the week as large upside bets created an unwieldy setup and eventually collapsed in the dip.

The current spot price of around 59,000 US dollars orients Bitcoin further in order to possibly reach the “worst-case” month-end closing of 63,000 US dollars.. Its source, analyst PlanB, correctly forecast the month-end August and September: $ 47,000 and $ 43,000, respectively.

November, on the other hand, should end significantly higher at $ 98,000.

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