Peter Brandt Predicts Bitcoin Price Drop: Shorting Bets Fuel Bearish Outlook

Veteran trader Peter Brandt is betting against Bitcoin’s future by taking a short position in futures contracts. Despite holding long-term bullish conviction, Brandt sees potential for further declines based on technical signals. His analysis focuses on a broadening pattern on the daily chart, a megaphone formation indicating risk. 5 distinct swings with Bitcoin hitting near $126,000 before falling into sideways trading between $106,000 and $116,000 followed by a dip below the south boundary.