Wall Street legend warns Bitcoin bulls

Bitcoin is going through a dramatic period and even fell below 57,000 dollars today. For Wall Street legend Peter Brandt that is reason enough to issue a warning about the digital currency. He sees a strong bearish pattern for Bitcoin emerging in the chart.

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Peter Brandt is bearish on Bitcoin

In the chart below, the analyst draws a so-called bearish flag, a pattern from technical analysis that does not bode well for Bitcoin.

In a nutshell, Peter Brandt expects more price drops for Bitcoin. “In the United States, our attention is always on flags during the 4th of July weekend,” Peter Brandt says with a touch of humor.

On July 4th, the flag is of course flown in America to celebrate independence. Now, however, Peter Brandt’s focus is on a different flag, namely one that points to more price drops for Bitcoin.

Where exactly the Bitcoin price will end is not yet clear. Hopefully we have seen the bottom now, but unfortunately we never know for sure. Certainly not in this market.

$100 million in liquidations

Many traders are getting wet in any case on the current price action of Bitcoin. For example, 100 million dollars in long positions were liquidated. The price drops of the digital currency are starting to sow quite a bit of panic.

What is striking is that there is no huge panic among ETF buyers at the moment. Despite the fact that the Bitcoin price has now fallen below the average purchase price for the ETFs. That is namely 57,979 dollars.

Despite the price drop, ETF buyers have not panicked yet. For example, the outflow yesterday was limited to only 20.5 million dollars. After the quite extreme drops in the Bitcoin price, you would expect larger outflows.

ETF flows remain calm, but red. Source: Farside

For now, a new Bitcoin breakout has been postponed at least, Rekt Capital concludes.

He previously published about the Bitcoin breakout, but it is now clear that this is no longer the case. We can be happy if we are trading solidly above 60,000 dollars with Bitcoin again.

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