The veteran crypto trader who accurately called the Bitcoin 2018 meltdown is issuing a fresh warning that a severe correction could be looming for the king cryptocurrency (BTC).

Seasoned market analyst Peter Brandt tells his 651,800 Twitter followers Bitcoin must recover its May 31st high of around $32,000 to avoid the risk of a massive capitulation event, sending Bitcoin to a low of $12,700.

“Unless Bitcoin (BTC) can close above the May 31st high, this chart could become a textbook example of the famed ‘Drano’ chart pattern.”

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