Peter Brandt pointed out the “double top” pattern that Bitcoin continues to complete on the chart. According to the trader’s calculations, the upper level of the pattern is around $72,000, and the lower level is at $43,970.
“Bitcoin correction may reach $44,000, bearish movement may continue depending on further market dynamics.”
A “double top” is a pattern that signals a medium- to long-term trend change from bullish to bearish. It is formed when the price of a cryptocurrency reaches its peak value twice, followed by a pullback.
Factor CEO noted that the current deviation of the Bitcoin price from the peaks of the “double top” is 10%, and the model assumes a price drop of at least 20%.
In addition, the trader noted a decrease in the spread between current and historical BTC volatility. This means that investors expect greater stability in the market in the short term.
Peter Brandt previously suggested that if Bitcoin’s price follows the trajectory of past bullish cycles after the halving, it will reach $130,000-$150,000 by the end of August 2025.
Source: Bits
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