U.Today – (BTC) opened Thursday by dropping to $57,300. The cryptocurrency is currently trading at its lowest level in nearly three months, since the end of April. The second-largest cryptocurrency by market cap, , also started the day lower, but so did the broader market.
In the past 24 hours, positions worth $319.98 million were liquidated, not taking into account the first two days of the week. According to the week’s interim results, the total cryptocurrency market capitalization has lost $176 billion.
It is no surprise that such price volatility has caused general fear, uncertainty and doubt among market participants. Legendary trader and frequent commentator on current events in financial markets, Peter Brant, has volunteered to at least clarify the outlook.
Bitcoin bulls, beware!
In his outlook, Brandt highlighted a key bearish pattern known as a “bear flag.” Simply put, this pattern signals the possibility of further declines in Bitcoin. Charts, a key component of Brandt’s analysis, visually represent this bearish trend and alert investors to take notice.
“In the United States, the flag is always in the spotlight during Independence Day weekend,” Brandt said, adding a bit of humor to his technical analysis.
As you can see, the mood Brandt is painting isn’t particularly bullish, meaning buyers could be in for a tough time in the market.
Either way, the trading legend’s perspective may help prepare for further declines. Only time will tell if that’s the case.
