Old-school commodities trader who has been in the business since as early as the 1970s, Peter Brandt, has addressed his followers with quite a gloomy

Old-school commodities trader Peter Brandt has addressed his followers with a gloomy comment on Bitcoin's situation.

It comes as the world's biggest digital currency shows a nearly 6% decline in the last 24 hours.

As Bitcoin slid from the $56,500 zone to $53,200, Peter Brandt took to his profile on the X social media network (formerly known as Twitter) to point out that the last time BTC closed at that low a level was February 25 this year.

On a Bitcoin chart shared by the trader, which shows a full scale of the current BTC correction, one can see that digital gold has been going down more or less steadily since mid-March after it had reached an all-time high of $73,750.

The last time Bitcoin closed lower than the present price was February 25, 2024. $BTC #Bitcoin

There are two dimensions to drawdowns - price and duration

Prolonged corrections can cause more emotional damage than can steep corrections pic.twitter.com/IVwEx2PHic

Since that historic peak, Bitcoin has declined by 26.39%. At times, it showed small recoveries but if one zooms out on a chart, one can still see that BTC has been headed downwards for more than half a year now.

That has not been a steep but rather a prolonged correction for BTC.

"There are two dimensions to drawdowns – price and duration," Brandt pointed out. It is the duration factor that is being stronger now and, as Peter Brandt notices in his tweet, “Prolonged corrections can cause more emotional damage than can steep corrections.”

Earlier, Brandt published a Bitcoin chart, showing an important pattern forming on it. That pattern is called “an inverted expanding triangle” or “a megaphone”, the trader explained.

The test of its lower boundary for Bitcoin, he said, would be approximately $46,000. The only thing now that can reverse BTC and “get the bull market back on track”, according to Brandt, is “a massive thrust into new ATHs.”

Otherwise, the chartist stated, “Selling is stronger than buying in this pattern.”

Samson Mow, on the other hand, seems to be of the opposite opinion. He stated that “everyone that thinks #Bitcoin will go lower is wrong.”

Mow expects an “Omega candle” to arrive soon, stating that its emergence “signifies the end of accumulation phase” for BTC.

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