{"id":138443,"date":"2023-09-02T03:48:48","date_gmt":"2023-09-01T22:18:48","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=138443"},"modified":"2023-09-02T03:48:48","modified_gmt":"2023-09-01T22:18:48","slug":"peter-brandt-warns-of-bitcoin-bear-trap-as-btc-dumps-1k-daily-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/peter-brandt-warns-of-bitcoin-bear-trap-as-btc-dumps-1k-daily-crypto-news\/","title":{"rendered":"Peter Brandt Warns of Bitcoin Bear Trap as BTC Dumps $1K Daily &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Bitcoin is currently undergoing a period of record low volatility. However, the asset appears to be a \u201cchallenging multi-contact point trendline\u201d that can be traced to its lowest point in 2023.<\/p>\n<p>This could offer insights into the future direction of the leading crypto-asset, according to renowned veteran trader Peter Brandt, who said the largest cryptocurrency by market capitalization could drop further.<\/p>\n<p>The prediction comes as BTC finally broke off from its narrow range and dived to a two-month low of $28.3k.<\/p>\n<ul>\n<li>In his latest <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/1691853244677644560\" data-wpel-link=\"external\">tweet<\/a>, Brandt speculated that if bitcoin moves south of the trendline that is located below $28,000, it would indicate the continuation of a bearish trend or a bear trap.<\/li>\n<li>The founder and CEO of proprietary trading firm Factor LLC further added that the trendline violation negates the bullish narrative.<\/li>\n<\/ul>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">As a swing trader I would respect the violation of the trendline. So, my positions would be either short or flat. Only if a bear trap is actually \u201csprung\u201d would I consider it a bullish development. I strongly prefer horizontal chart construction.<\/p>\n<p>\u2014 Peter Brandt (@PeterLBrandt) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/1691853244677644560?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">August 16, 2023<\/a><\/p>\n<\/blockquote>\n<ul>\n<li>Bitcoin\u2019s price action has been dull for the most part, especially after declining slowly since its July peak.<\/li>\n<li>The latest downward price action extended its monthly losses to nearly 6%.<\/li>\n<li>However, Fundstrat <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/fundstrat-predicts-150k-bitcoin-price-but-btc-drops-to-8-week-low\/\" data-wpel-link=\"internal\">analyst<\/a> Tom Lee remains a major Bitcoin bull. He recently predicted an influx in demand for bitcoin if a spot BTC ETF gets approved in the US.<\/li>\n<li>The company\u2019s crypto strategists even forecasted a price range of $150,000 to $180,000, but only if such a product sees the light of day.<\/li>\n<\/ul>\n<div class=\"code-block code-block-12\" style=\"margin: 8px 0;clear: both\">\n<div><span style=\"font-size:11px;color: gray\">SPECIAL OFFER (Sponsored)<\/span><br \/>\n<b>Binance Free $100 (Exclusive): <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/pl\/binancebanner\" data-wpel-link=\"internal\">Use this link<\/a> to register and receive $100 free and 10% off fees on Binance Futures first month<\/b> (<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/buy-bitcoin-5-easy-steps\/\" data-wpel-link=\"internal\">terms<\/a>).<\/p>\n<p><b>PrimeXBT Special Offer: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/pl\/primexbt2\" data-wpel-link=\"internal\">Use this link<\/a> to register &amp; enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.<\/b><\/p>\n<\/div>\n<\/div>\n<p><!-- AI CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is currently undergoing a period of record low volatility. However, the asset appears to be a \u201cchallenging multi-contact point trendline\u201d that can be traced to its lowest point in 2023. This could offer insights into the future direction of the leading crypto-asset, according to renowned veteran trader Peter Brandt, who said the largest cryptocurrency [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":66544,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-138443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=138443"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138443\/revisions"}],"predecessor-version":[{"id":148079,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138443\/revisions\/148079"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/66544"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=138443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=138443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=138443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}