Veteran commodities trader Peter Brandt believes that the Bitcoin price chart is currently bearish. The drop in Bitcoin's price to $80,000 over the weekend is being attributed to geopolitical uncertainty, including President Trump's tariff policy, Russia-Ukraine tensions, and government spending cuts. Brandt points to a double-top pattern and a pennant formation on the daily candle chart as indicators of the bearish trend. Brandt suggests that Bitcoin must break above the top of the pennant at around $95,000 in order to have a positive reversal. However, failure to break out of this range soon could lead to significant downside risk for Bitcoin. On the other hand, Standard Chartered Head of Digital Assets Research, Geoffrey Kendrick, anticipates a positive reversal and suggests that Bitcoin could break above the $80,000 to $95,000 range soon. The current price of Bitcoin is at $82,500.



Other News from Today