Oh, the week has begun with a sigh, a deep, melancholic sigh, as Bitcoin (BTC) dipped into the red, a decline of around 5% on the day, settling just above $80,000 during the early hours of Monday morning in Asia. 🌌📉
Chart guru and analyst Peter Brandt, with his keen eye for patterns, identified the completion of a double top chart pattern. The asset, like a weary traveler, reached its peak at $108,000 in December and again in January, only to retreat back to the realm of five figures. 🏔️➡️📉
The top was retested by a pennant pattern, a formation that, once completed, confirmed a bearish chart. Brandt, ever the bearer of news, not the messenger to be shot, added, “Don’t shoot the messenger.” 🕊️🔥
1. Market completes double top
2. Top retested by pennant
3. Pennant completed, confirms bearish chart
Bitcoin $BTC
Don’t shoot the messenger
Price must recapture #2 to turn positive— Peter Brandt (@PeterLBrandt) March 9, 2025
BTC, to turn positive again, needs to reclaim the high $90,000 price level, a task as daunting as scaling a mountain in a fog. 🏔️🌄
Long Term Still Bullish
BTC has been on a downward journey since mid-January, correcting by 25% since its all-time high earlier this year. Such a correction, though steep, is not unfamiliar in a bull market. Previous cycles have seen even greater pullbacks, so the descent could continue. 🌊🌊
Arthur Hayes, co-founder of BitMEX, predicted further losses on X on March 9, suggesting that BTC would retest $78,000, the level it last hit on February 28. If it fails, he warned, $75,000 is the next target. 🚨💥
“If it fails, $75,000 is next in the crosshairs,” he added.
Anthony Pompliano, founder and CEO of Professional Capital Management, noted the dramatic shift in the Fear and Greed Index for crypto. One year ago, it was at “extreme greed” of 92, and today it stands at “extreme fear” of 17. Yet, Bitcoin is 20% higher over the same period. “Don’t get tricked by online sentiment. It is all noise,” he advised. 🗣️🔄
“Bitcoin is 20% higher over the same time frame,” he said before adding, “Don’t get tricked by online sentiment. It is all noise.”
Adam Back, a Bitcoin pioneer, emphasized the significance of the US strategic Bitcoin reserve announcement. “It is huge for moving the overton window, the actual US government promoting Bitcoin. This provides the new ultimate reference for sovereign wealth funds, pension funds, mutual funds to add bitcoin allocations,” he said. 🇺🇸✨
“people are undervaluing the US strategic bitcoin reserve announcement: it is huge for moving the overton window, the actual US government promoting bitcoin. provides the new ultimate reference for sovereign wealth funds, pension funds, mutual funds to add bitcoin allocations.”
— Adam Back (@adam3us) March 9, 2025
Price Leads Narrative
Analyst Miles Deutscher offered a pragmatic view, noting that “price often leads narrative.” Even in the absence of a clear direction, a huge rally could materialize at any moment, and everyone would find reasons to be bullish again. “It has happened time and time again,” he observed. 🚀💫
“Even though it seems like there is no north star right now, at any point, we could see a huge rally – and everyone will create reasons to be bullish again,” he said before adding that it has happened time and time again.
BTC was trading down 4.3% on the day at $82,394 at the time of writing and had lost 11% over the past seven days. 📉⏳
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2025-03-10 10:46