As a seasoned investor with over three decades of market experience under my belt, I’ve learned to take every analyst’s prediction with a grain of salt – even Peter Brandt’s. While his analysis of Bitcoin’s potential trend reversal is intriguing, I wouldn’t bet the farm on it just yet.
Recently on social media, Peter Brandt pointed out that Bitcoin seems to be creating a pattern of successively lower peaks and troughs.
Currently, Bitcoin’s price trend shows a pattern of successive lower peaks (highest points) and troughs (lowest points). A significant break above the July highs could potentially end this pattern, completing a six-month ascending triangle on its chart.
— Peter Brandt (@PeterLBrandt) September 25, 2024
This pattern tends to signal a bullish-to-bearish trend reversal in almost all markets.
As a researcher analyzing market trends, I find that Brandt posits that a significant surge above the July highs, which he refers to as a “meaningful close,” could potentially alter the current market sequence we’re observing.
At the moment, Bitcoin is being exchanged for approximately $63,616, as per the latest data from CoinGecko. Over the last day, the primary cryptocurrency has experienced a minor decrease of about 0.9%.
According to a report by U.Today, Brandt has forecasted that Bitcoin could potentially surpass gold’s performance.
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2024-09-26 09:10