The veteran trader who accurately forecasted Bitcoin’s 2018 meltdown is issuing a fresh warning to crypto investors.
Peter Brandt says that after falling out of a bearish downward-sloping channel to around $87,000, BTC bulls have a lot of work to do.
“Yet another sell signal in Bitcoin as a bear channel has been completed. Remember that charts can always morph.”
At this point, Brand says Bitcoin’s price needs to reclaim $93,000 to pave the way for a possible reversal to the upside.
As for his downside target, Brandt recently said he believes BTC will ultimately drop to $58,000 to $62,000.
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