In a recent social media post, commodity trader Peter Brandt noted that Bitcoin is in the process of forming a series of lower highs and lower lows.
Bitcoin ($BTCUSD) continues to be in a sequence of lower highs and lower lows. Only a meaningful close above the Jul highs would change this sequence and official complete the 6-month expanding triangle pic.twitter.com/GaSBWZRoE6
— Peter Brandt (@PeterLBrandt) September 25, 2024This pattern tends to signal a bullish-to-bearish trend reversal in almost all markets.
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According to Brandt, only "a meaningful close" above the July highs would be able to change this sequence.
Bitcoin is currently trading at $63,616, according to CoinGecko data. The leading cryptocurrency has slipped by 0.9% over the past 24 hours.
As reported by U.Today, Brandt recently predicted that Bitcoin would be able to substantially outperform gold.
However, he also warned that the largest cryptocurrency was in the process of forming a series of lower highs and lower lows earlier this month.
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