Still don’t get bearish bitcoin, says the experienced trader who called 2018 a crash

Bitcoin (BTC) may have a classic “head and shoulders” pattern, but bulls can still win, says vendor Peter Brand.

A. Tweets On October 27, Brandt, famous for its accuracy in BTC price forecasts, The bearish on Bitcoin has refused to flip.

Brand: Bitcoin may face “greater traffic congestion”

Despite With leveraged traders freshly removed on October 27th, close to $ 58,000, analysts remain broadly calm, even calling for a return to heights in the show of strength that surprised many.

For Brandt, there is little reason to dismiss Bitcoin behind the current price activity.

“Head and shoulder tops don’t always have to create a bear market with or without an underlying goal,” he wrote.

“This pattern may also fail (bullish) or lead to greater congestion (tedious).”

An accompanying chart showed last week’s all-time high of $ 67,100 surrounded by two low peaks, resulting in the so-called “head and shoulders” formation.

The BTC / USD chart shows a “head and shoulders” pattern. Source: Peter Brand / Twitter

Traditionally, such events have prevented an extended downturn for a property, after reaching a certain point the uptrend is exhausted and not sustainable.

Meanwhile, the idea that Bitcoin could slide in an extended period of time has re-entered the narrative in recent days. Cointelegraph contributor Michaël van de Poppe has previously predicted a slowdown to around $ 90,000, which is likely to hit early next year.

Everything is going to be planned

For those who are concerned about further losses in BTC / USD, a reduction in funding rates – now without “resetting” after leverage leverage – can allay fears.

Related: Bitcoin prices fall BTC ‘explosion’ with October 2017 still forecast before 2022

A particular source of concern during Binance Week was the big reverse bet creating an unrealistic setup, which eventually sank.

The current spot price, around $ 59,000, further lines up Bitcoin which could potentially hit the “worst case scenario” at $ 63,000 monthly. Its source, analyst Planby, accurately predicted monthly closing in August and September – $ 47,000 and $ 43,000, respectively.

November, by contrast, should end at a much higher $ 98,000.