Peter Brandtwho is considered a legend in the financial markets with more than 50 years of experience, issued a new price forecast for the leading cryptocurrency, Bitcoin (BTC).

Needless to say, the past few days have been tough for Bitcoin fans, as the price once again lost its six-figure valuation and, amid the worst stock market decline since September, fell to a low of $94,500, losing more than 6.5% in just three weeks. Final days. We are talking about one of the largest assets in the world, with a market capitalization of approximately $2 trillion.

In his latest forecast, Brandt talked about how price charts are always changing. He stated that patterns change depending on the time frame, whether it is intraday, daily, or monthly. The main direction of Bitcoin The price is still high, but Brandt said the current daily charts show a possible head and shoulders pattern. If that happens, it could lead to a further drop in prices, perhaps even as low as $73,000.

But, as with any technical analysis, there is a lot of uncertainty. While chart patterns can spot potential market opportunities, they are not always correct. So, while there is a possibility that the current pattern will change into something else, which may prevent the price from falling too much, there is also a possibility that it will continue to fall.

As shown in the chart Brandt attached to the post, Bitcoin's price action is facing a major dilemma at the moment.

On the one hand, confirmation of the head and shoulders pattern could lead to a further decline to a low of $73,000 per dollar. Bitcoin.

On the other hand, Bitcoin's chart of the purchasing power of the consumer dollar in the average US city (CUUR0000SA0R) reflects the leading cryptocurrency's upward trajectory. Bitcoin's superiority on this measure indicates a divergence between its value path and the erosion of the dollar's purchasing power.