Trader Peter Brandt Issues Bitcoin Alert, Predicts a 50% Chance BTC Falls Below $40,000 – Here’s the Timeline
Seasoned trader Peter Brandt is warning there’s a 50% chance that Bitcoin (BTC) plummets below $40,000 this cycle. Brandt tells his 734,000 followers on the social media platform X that Bitcoin could possibly plummet more than 35% from its current value before the end of next year. “I believe there is a 50% chance BTC visits sub-$40,000 before the last half of the halving plays itself out.” Source: Peter Brandt/X Brandt also suggests that Bitcoin’s price action this year may be forming an inverted right angled broadening triangle, similar to Bitcoin’s black swan event in 2020 at the start of the Covid-19 pandemic. The pattern is also referred to as the falling broadening wedge, which could lead to a bullish reversal over time if the lower trendline is held as support. “The inverted right angled broadening triangle was coined by Richard W. Schabacker in his 1934 book ‘Technical Analysis and Stock Market Profits.’ A...