There are a lot of bitcoin forecasts that are circulating around the crypto space. However, pinpointing the correct level that the digital asset will fall into has been one of the hardest tasks. Nevertheless, the analysis can often try to tell what will happen next for the digital asset due to market movements and one of those analyses has been put forward by Peter Brandt, a notable name in the crypto space.<\/p>\n
Brandt Says Brace For Downtrend<\/p>\n
In a recent tweet, the market analyst and trader had posted a chart that put forward what he believed was next for the price of bitcoin. By that point, the digital asset was still trading below $20,000 and with market momentum declining, it wasn\u2019t expected that there would be much recovery and Brandt\u2019s chart said as much.<\/p>\n
He had identified what is referred to as a pennant, a series of market movements that shows where the digital asset price had peaked at a point and would be making a drastic change. This time around, the analyst put forward that since the movement trend identified looked like a pennant, it was most likely a pennant.<\/p>\n
Related Reading |\u00a0Decline In Bitcoin Miner Revenues Suggests More Sell-Offs May Follow<\/a><\/em><\/strong><\/p>\n The thing about pennant formations is that they are famous for preceding a decline in price. The last time a pennant had been identified, as shown in the chart, had been back in June. It had preceded the market crash that saw bitcoin\u2019s price touch as low as $17,600. So if Brandt\u2019s analysis is right, then the price of bitcoin would be expected to fall to this point once more.<\/p>\n When it looks like a pennant and acts like a pennant it is often a pennant $BTC<\/a> pic.twitter.com\/O7RtnvFSp0<\/a><\/p>\n — Peter Brandt (@PeterLBrandt) July 5, 2022<\/a><\/p><\/blockquote>\n\n