Peter Brandt, a seasoned trader, and analyst tweeted holiday greetings to his 690,400 followers on Thursday. It was, however, in the form of a coded message relating to Bitcoin. Brandt posted a Bitcoin price graph that included a holiday tree and a Merry Christmas message.
As you can see, the base of the tree is drawn below $10,000 at around $9,600, but the star surpasses $120,000. His followers see this as a forecast of when Bitcoin will hit rock bottom and when it will reach a new all-time high. Nothing is sure though, because Brandt has offered no further explanation to the tweet.
The trader had previously forecasted in October that Bitcoin’s price decrease would cause it to bottom out around the $13,000 mark. Brandt was pessimistic at first, but he has since voiced hope, noting that although a precipitous reduction in price is unlikely, he does anticipate a downward trend before the situation improves.
Brandt cautioned investors a week ago that a negative trend was building on the daily chart of Bitcoin. Brandt calls this pattern on the chart “the three blind mice”, but it’s a dead ringer for the three black crows.
It’s important to note that this pattern is negative and portends the conclusion of a rally. Long, thin bearish candles produce this pattern when sellers have control of the market for three consecutive days.
The cryptocurrency industry has been flooded with analysts who’ve been making frenzied predictions about the future direction of Bitcoin. They were mostly optimistic, but a few of them accurately predicted that the price of the king cryptocurrency would fall below $20,000 per coin.
At the time of writing, the most prominent digital asset is trading at a price of $16,853, representing an increase of barely 0.01% over the course of the last twenty-four hours. It reached an all-time high of $69k in 2021 but is now selling at a price that is approximately 60% lower than its closing price on January 1 of $47,838.