Bitcoin is still not very stable and extremely volatile. The question that is increasingly asked is, where will Bitcoin find its bottom? For veteran trader Peter Brandt seems to have found it on his chart.
Bitcoin continues to be very weak
Although traditional markets continue to slide deeper and deeper, it leaves the Bitcoin cold. Veteran trader Peter Brandt, who is known for his often accurate Bitcoin predictions, sees it that way. According to his chat, Bitcoin could soon drop to a price of around $ 2,000 if the bear flag were completed.
Such a pattern in a chart is formed after a strong downward movement. On March 12, Bitcoin fell 48 percent, which is the third largest fall in history. The bear flag mentioned by Peter Brandt clearly shows the continuation of the downward trend, which is good news for bears who have missed the previously big sale.
The veteran trader recently said that Bitcoin has a greater chance of falling to $ 0 than to hit $ 100,000.
The current Bitcoin price is below $ 5,800 and it looks very much like it will go even lower, which Brandt is not too wrong with his chart.