Seasoned Trader Peter Brandt Warns Bitcoin (BTC) Is Flashing a Major Bull Flag

In a new thread on the social media platform X, Brandt tells his 766,000 followers that the top crypto asset by market cap is forming a head-and-shoulders

Seasoned trader Peter Brandt is warning investors to be prepared for a possible Bitcoin (BTC) crash. In a new thread on social media platform X, Brandt tells his 766,000 followers that BTC is forming a head-and-sqoulders top pattern, indicating that it could correct all the way back down below $80,000.

“This is a head and shoulders top pattern. It might complete and take price to $78,000; it might fail with a thrust hire: or, it might morph into something else. But as it stands right now, it is a head and shoulders top and must be dealt with for what it is.”

Brandt also points out that BTC could be forming a similar pattern like it did years ago before it ultimately rallied to new all-time highs.

“If you are a Bitcoiner, take a look at this post from several years ago. It describes the famous Hump Slump Bump Dump Pump chart construction in BTC. Same thing could be happening now.”

Concluding his analysis, Brandt says that those looking at crypto assets like BTC and smart contract platform Solana (SOL) as a means to achieve economic justice are in for disappointment.

“Editorial comment – you may agree or disagree Many in M and Z generations view crypto (BTC, SOL, others) as something that will bring them economic justice and will make all things right in the universe. Those who think this way are in for a massive disappointment. Sorry!”

Bitcoin is trading at $94,190 at press time, down 1.4% over the last 24 hours.