There are a lot of bitcoin forecasts that are circulating around the crypto space. However, pinpointing the correct level that the digital asset will fall into has been one of the hardest tasks. Nevertheless, the analysis can often try to tell what will happen next for the digital asset due to market movements and one of those analyses has been put forward by Peter Brandt, a notable name in the crypto space. Brandt Says Brace For Downtrend In a recent tweet, the market analyst and trader had posted a chart that put forward what he believed was next for the price of bitcoin. By that point, the digital asset was still trading below $20,000 and with market momentum declining, it wasn’t expected that there would be much recovery and Brandt’s chart said as much. He had identified what is referred to as a pennant, a series of market movements that shows where the digital asset price had peaked at a point and would be making a drastic change. This time around, the analyst put forward that since the movement trend identified looked like a pennant, it was most likely a pennant. Related Reading | Decline In Bitcoin Miner Revenues Suggests More Sell-Offs May Follow The thing about pennant formations is that they are famous for preceding a decline in price. The last time a pennant had been identified, as shown in the chart, had been back in June. It had preceded the market crash that saw bitcoin’s price touch as low as $17,600. So if...
