Bitcoin has started the week deep in the red with a decline of around 5% on the day as it fell to just over $80,000 during early trading in Asia on Monday morning.
Analyst and chart guru Peter Brandt identified the completion of a double top chart pattern, with the asset topping out at $108,000 in December and again in January before retreating back to five figures.
The top was retested by a pennant pattern, which has now completed confirming a bearish chart, he added before saying, “Don’t shoot the messenger.”
BTC needs to reclaim the high $90,000 price level to turn positive again, he said.
1. Market completes double top
2. Top retested by pennant
3. Pennant completed, confirms bearish chart
Bitcoin $BTC
Don’t shoot the messenger
Price must recapture #2 to turn positive pic.twitter.com/PE9jlwYIiO
— Peter Brandt (@PeterLBrandt) March 9, 2025
Long Term Still Bullish
BTC has been trending down since mid-January and has now corrected 25% since its all-time high earlier this y
We współpracy z: https://cryptopotato.com/bitcoin-price-troubles-this-technical-pattern-suggests-drop-below-80000/
