Trader Peter Brandt presented his “bullish” and “bearish” scenarios for the price of Bitcoin soon.
Peter Brandt noted that after analyzing the long-term chart of the BTC/USD pair, we will see that the pair is still moving in an uptrend, fluctuating inside the channel. The pair forms a sequence of higher highs and lower lows, but the overall trend has remained bullish.
The daily chart shows that on June 26, Bitcoin entered the downward channel, from which it can push up when it reaches the lower limit. This happens every time, and the chart confirms this.
Now the price of Bitcoin is moving closer to the upper border of the trading channel. If it manages to pass the upper border of the channel in the region of $8500, we will see the activation of the bulls and a new impulse that will help Bitcoin to form a new maximum.
In case of a breakdown of the lower border of the trading channel, we will see a downtrend in the price of Bitcoin with a decrease to 80% of the maximum on June 26. Bitcoin's movement is characterized by a series of parabolic movements. And in case of breakdown of the lower boundary of the channel, "the parabola will be broken."
Brandt suggests that Bitcoin recently “violated its fourth parabola,” and it could return to $5324. His downward movement may last 12 months. If we take into account the maximum of June 26, then the completion of the downtrend can be observed in June 2020.
However, in this case, Bitcoin may face a massive rejection of it as the main virtual cryptocurrency.