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Experienced investor Peter Brandt has warned investors that Bitcoin (BTC) 
$104,692 is showing significant signs of a downturn. In his statement on the X platform, Brandt indicated that Bitcoin is forming a head and shoulders pattern. This chart formation raises concerns about the possibility of Bitcoin’s price falling below $80,000.
Head and Shoulders Pattern Poses Danger for Bitcoin
Brandt emphasized that Bitcoin’s current chart formation is a head and shoulders model. If this pattern completes, Bitcoin’s price could drop as low as $78,000.
However, Brandt also noted that there is a chance this formation might not complete, suggesting that prices could rise again.
Similar Patterns in the Past Led to New Peaks
Brandt reminded that Bitcoin has previously shown similar chart formations, which led to new peaks. He expressed his belief that Bitcoin might be undergoing a similar process now. He also pointed out that the Hump Slump Bump Dump Pump structure has caused fluctuations in the market.
Brandt stated that investors who view platforms like Bitcoin and Solana 
$144 (SOL) as tools for economic justice may face disappointment. “Generations M and Z believe that the cryptocurrency market will provide economic justice. Those who act on this belief will be greatly disappointed,” he remarked.
At the time of writing, Bitcoin was trading at $94,190, experiencing a decrease of 1.4% in the last 24 hours. Investors are advised to be cautious while investing in Bitcoin and other cryptocurrencies and to closely monitor market movements.
