Bitcoin (BTC USD) faces the possibility of a bearish head-and-shoulders (H&S) pattern, according to renowned financial analyst Peter Brandt.
This pattern, visible on Bitcoin’s daily chart, could push prices down to $73,000 if confirmed, amplifying concerns amid already turbulent market conditions.
The warning comes during a period of heightened market volatility, with Bitcoin losing over 6.5% of its value in the past three days.
Brandt Highlights Head-and-Shoulders Formation on Bitcoin (BTC USD) Chart
Peter Brandt posted his thoughts on social media, noting that a potential head-and-shoulders formation may be appearing on the daily Bitcoin (BTC USD) chart.
He noted, however, that the pattern has not been fully developed and its completion could result in a sharp price drop.
Source: X
“The daily chart is tracing out a head-and-shoulders top this pattern might take prices to $73,000, or it might morph into something else,” he said.
Brandt also pointed out that c
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