Bitcoin analysis by Peter Brandt: “Anyone want to guess?”
Peter Brandt shared a bearish chart for bitcoin; people did not know the correct answer to the trader’s question. But Twitter user Mind Trader claimed it was a bear pennant. Pennants consistently indicate that the trend will continue even if the chart breaks for a short time. and then the reverse, as in the case of Brandt’s bearish pennant on the BTC chart.
BTC could break records, according to CryptoQuant
One author, verified by on-chain data provider CryptoQuant, said that the flagship cryptocurrency could soon reach a new historic high. But he also advised that traders should be careful now.
The author says that at the moment, the BTC price will fluctuate a lot as there are not many Bitcoins on the exchanges. Also, the leverage on all exchanges increases as individual traders/whales trade against each other. This could indicate that the coin is close to its all-time ceiling as Bitcoin’s daily RSI is still low. This signals that the leading crypto will continue to rise but may start to correct after the new record September and October to find a new low.
It turned out that “new coins” were being sold while the price was falling.
BTC suffered a severe earthquake of 20 percent on a weekly basis. While BTC’s drop suggested strong hands are selling, CryptoQuant proved that wasn’t the case. According to their analysis, most of the sell-off last week came from billions of dollars in leverage liquidations, panic selling of newer cryptocurrencies, and macro risks.
The on-chain data does not provide any significant indication of whale exit liquidity, which occurred in the 2018 bear market, where whales sold in significant quantities.