ICYMI: Peter Brandt does not seem particularly concerned by the bearish formation, here's why Bitcoin BTC $BTC
The legendary chartist also made it clear that he does not predict a sharp decline in the Bitcoin price, but he does not rule out that it could indeed happen.
The largest cryptocurrency is struggling to get back on track in early 2022 despite the fact that it has been posting decent gains at the beginning of every new year since 2018. During the first week of 2021, Bitcoin soared as much as 36%. In 2020, it added 13% over the same period of time.The market share of the largest cryptocurrency hit its current all-time low of 32.8% in January 2018 during the peak of the previous bull market.
Yet many remain bearish on Bitcoin due to the Federal Reserve gradually withdrawing its monetary support that helped to prop up asset prices.
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