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U.Today - The price of Bitcoin and other cryptocurrencies remains in an incomprehensible state. Some call it choppy, others call it a crab market. Both sellers and buyers are hurt by small fluctuations here and there.
The important thing is that Bitcoin is not soaring. It would be better if it did not fall either, but unfortunately the price of BTC has fallen over 4% this week from weekly highs of $89,000.
However, this may not be the end of the pain for holders of Bitcoin and, of course, other crypto assets, as when the leader falls, others follow. The possibility of further declines was recently highlighted by a trader many call a legend of the financial markets, Peter Brandt.
He, who has over 50 years of trading experience, recently focused his attention on the Bitcoin price outlook, which predicts that the cryptocurrency could fall to the low $70,000s directly from the current price.
The pattern that the analyst, whose outlook has earned him recognition from the trading legend, has identified is similar to a bear flag pattern, with the surge of recent weeks being its flag phase.
For Peter Brandt, this chart does not appear to be an "unreasonable expectation" and he therefore agrees with the possibility that BTC could lose around 15% of its value in the coming weeks.
Whether this is the primary scenario for the leading cryptocurrency remains open to speculation. There is still a chance that even this scenario will be invalidated, as its author himself allows $91,000 per BTC to rewrite the script, or "break the ice" if you will.