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Trader who called 2017 Bitcoin price crash raises concerns over 'double top'

Published 12/10/2021, 10:55 AM
Updated 12/11/2021, 03:20 PM
© Reuters.
BTC/USD
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BTC/USD
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Bitcoin (BTC) could be forming a so-called "double top" pattern after falling by over 30% from its record high of $69,000, suggests Peter Brandt, a veteran trader known for correctly calling the crypto market top in December 2017.

The Factor LLC CEO recalled Bitcoin's inability to extend its price rally above its previous all-time high near $65,000 after a second try. Meanwhile, he illustrated an immediate support level for the BTC price at a so-called neckline near $30,000 while alerting about further declines below this key level.

BTC/USD weekly price chart featuring double top pattern. Source: TradingView, Peter Brandt
BTC/USD daily price chart featuring 200-week EMA support. Source: TradingView
BTC/USD daily price chart featuring RSI bounce. Source: TradingView, @IamCryptoWolf

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