The worst nightmare of Bitcoin (BTC) bulls can happen with this decline pattern shared by legend of trade, Peter Brandt. According to the master analyst’s chart, BTC may soon fall to the level of $ 2,000 to complete a bear’s flag.
Will you change your mind (short-term at least) if chart completes a bear flag? pic.twitter.com/tqbtipxwzw
– Peter Brandt (@PeterLBrandt) March 22, 2020
The above pattern came after a strong downward movement. BTC fell close to 50 percent on March 12 (third biggest drop in history). The bear flag identified by Brandt indicates that the downtrend is continuing, creating a separate opportunity for bears that have missed previous sales.
Brandt had previously stated that Bitcoin is more likely to reach $ 0 than $ 100,000. Bitcoin was recently struggling to break $ 7,000, but it fell to $ 5,600 levels after a strong rejection. At the time of writing, BTC is trading at $ 5,817.
May Fall Due to Liquidity Crisis
Tuur Demeester from Adamant Capital announced that BTC is ‘highly salable’ due to the ongoing liquidity crisis. However, Demeester said that after realizing that people’s money was devalued, they would return to Bitcoin.
It’d give me pause, for sure. But I did do this exercise back in 2017, and others like it, and unless I see the fundamentals change I won’t change my bullish stance on BTC. https://t.co/dfmnoq9nd7
– Tuur Demeester (@TuurDemeester) March 23, 2020
Demeester also stated that if the technical drawing of the decline remains the same, the uptrend attitude in Bitcoin will not change.
Related posts:
GitHub Libra Code draws criticism from users 
Tipping on Reddit and Vimeo in BAT introduced by Brave 
Newcomers to the crypto market have to pay attention to scams and pump and dumps 
Hardly any growth in downloaded crypto apps, despite tripling price bitcoin 
Bloomberg accepts Bitcoin – says cryptomonads are here to stay 
The Central Bank can release their cryptocurrencies earlier than expected
