Bitcoin (BTC) has experienced intermittent declines and dropped below the $27,000 threshold, leading experienced trader Peter Brandt to identify a bearish pennant pattern formed by the asset on its daily chart. According to Brandt, the pennant signals a short-term bearish price movement for Bitcoin unless the asset is able to close above the mid-point highs.
While the pennant suggests that the downtrend will resume, BTC could completely negate the pattern if it closes above Brandt’s mid-point value. Brandt previously stated that BTC will likely face "one more shakeout" before skyrocketing to higher values, but this forecast is merely a "guess." As of press time, BTC is currently trading for $26,740, down 2.09% in the past 24 hours.
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