Pennants are patterns that traders often use to predict future market movements.
According to the assumption, bitcoin can continue its fall, if this pattern persists. In other words, if Peter Brandt is right, the bitcoin’s downside target will be $21,000.
Brandt believes that charts and technical analysis are unreliable for predicting prices, including the value of the first cryptocurrency.
On Wednesday, May 24, the exchange rate of BTC dropped to $26720. Bitcoin lost 2.3% in 24 hours and its market capitalization is now $517 billion.
Brandt said earlier that the price of the first cryptocurrency may undergo strong fluctuations before it starts to rise.
CoinShares reported in a new weekly market review that institutional investors have withdrawn funds from cryptocurrency trusts for the fifth week in a row.
From May 15 to 19, cryptocurrency investment funds withdrew assets worth $32 million. In the last five weeks, the outflow of funds totaled $232 million.