Famous trader Peter Brandt, in his post on his Twitter account, claimed that the daily chart of Bitcoin (BTC) looks absolutely negative.

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Brandt cited $29,000 as the key level for the bulls to hold.

“If the bulls fail to keep Bitcoin at $29,000, the burden of proof will be on the bulls”

According to Brandt, a bearish rectangle pattern that has taken shape over the past five weeks is a major hurdle for Bitcoin to recover.

The leading cryptocurrency, which left behind its worst quarter since 2018, is trading at $ 33,387 at the time of writing, according to CoinMarketCap data.

The second quarter of 2021 has been a highly volatile period for the asset. Bitcoin started the second quarter of the year with a bang and hit an all-time high of $64,895 on April 14. But the reign of the bulls did not last long. After Tesla stopped Bitcoin payments, the asset suffered a significant collapse with the effect of pressure from China.

Bitcoin continued its decline for the third month in a row, leaving behind the worst quarter since Q4 2018.