Pennants are patterns that traders often use to predict future market movements. According to the assumption, bitcoin may continue to fall if this pattern continues. In other words, if Peter Brandt is right, then $21,000 will be the target for Bitcoin to fall.
Brandt believes that charts and technical analysis are unreliable for predicting prices, including the value of the first cryptocurrency.
On Wednesday, May 24, the BTC rate dropped to $26,720. Over the past day, bitcoin has lost 2.3% in price, and its market capitalization is now $517 billion.
Previously, Brandt said that the price of the first cryptocurrency can undergo strong fluctuations before it starts to rise.
CoinShares has revealed in a new weekly market update that institutional investors have been withdrawing funds from crypto trusts for the fifth week in a row. From May 15 to May 19, assets worth $32 million were withdrawn from cryptocurrency investment funds. In total, over the past five weeks, the outflow of funds amounted to $232 million.
Source: Bits
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