Analyst Peter Brandt, author of Factor Report, commented on Bitcoin, "$BTC I AM NOT A HATER!!!!" he said and made a remarkable comment. The famous analyst and trader drew attention to an important point by sharing on social media.

Brandt pointed to the sinister double top pattern that he thinks has been overlooked by Bitcoin traders. Peter Brandt stressed that this pattern cannot be confirmed until the pattern is complete, so bears should not get overly excited about the prospects for another major correction.

   "Kind of surprised the chartaholics have not been screaming "DOUBLE TOP" yet. Perhaps they have been and I've missed that chatter. $BTC I AM NOT A HATER!!!!"

The Pattern That Could Get Bulls in Trouble

Also, the "double peak" scenario remains just "passing interest" for Brandt for now. Brandt also pointed to an evolving pattern that could get bulls in trouble, emphasizing that it doesn't necessarily represent his position or opinion.

In addition to these statements by renowned crypto analyst Peter Brandt, President and Founder of Navellier & Associates Louis Navellier recently stated that he predicts that the price of Bitcoin could drop below $10,000 if the largest cryptocurrency by market cap completes its double top model.

Brandt Tweet

BTC Latest Status

Bitcoin (BTC) has been in a downtrend for a long time. So much so that the leading cryptocurrency experienced a sharp decline in the past few days and is still trying to heal the wounds of this fall.

After the decline experienced in the past days, it turned its direction upwards and started an increase. With this increase in Bitcoin, the price reached almost $52,000.

BTCUSD_2021-12-10_19-33-25

However, after that, BTC could not sustain this rise and the price started to retreat again. With this latest drop in Bitcoin, its price has dropped to $ 47,300.