With the crypto market attracting many more institutions this year such as BlackRock (NYSE:BLK), Fidelity, pension funds and the like, thanks to the launch of spot Ethereum and Bitcoin ETFs, the trend of declines at the end of December also affected them. This is exactly what shatters the hopes of crypto enthusiasts to end the year with a six-figure Bitcoin price.
Interestingly enough, according to Peter Brandt, a renowned trader with over 50 years of trading experience, the price of Bitcoin is not even up for debate right now.
In his latest review of the leading cryptocurrency, the expert trader says there is a clear head-and-shoulders pattern currently forming on the Bitcoin price chart.
It thus needs to be traded for what it is, Brandt reminds the bulls.
From one point of view, reaching this target, which the ominous pattern suggests, would mean another 17% drop for the Bitcoin price from current levels. On the other hand, it would mean that the cryptocurrency will close an important price gap that formed on the CME almost two months ago, and this will finally put an end to this unresolved issue.
This article was originally published on U.Today
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