As a seasoned crypto investor with over four decades of financial market experience under my belt, I find Peter Brandt’s analysis particularly insightful and compelling. Having witnessed various market cycles and trends since the 70s, his perspective on Bitcoin’s price action carries weight.
Yesterday, I found myself grappling with a wave of anxiety and apprehension in the cryptocurrency market as another $100 million was liquidated within a 24-hour period, with an astounding 76% of these losses coming from long positions. In these uncertain times, it seems prudent to seek some clarity, so I’ve decided to gather expert opinions. One such perspective comes from Peter Brandt and his recent insights into the Bitcoin price.
In simpler terms, a seasoned trader named Brandt, active in financial markets since the 1970s, disclosed the detection of an upside-down widening triangle formation on the price graph of the primary cryptocurrency.
The pattern is sometimes referred to as a “megaphone,” and it indicates a potential test of its lower limit near approximately $46,000 for each Bitcoin. To put it another way, if this pattern unfolds, a 17% decrease from the current trading price of $55,500 ($44,835) could occur for every Bitcoin.
What will it take to get bull market back?
Brandt’s perspective included a positive outlook as well. He suggested that Bitcoin’s price requires a significant surge to establish new record highs in order to halt its decline and effectively set the stage for a strong bullish trend resurgence.
In simpler terms, if Bitcoin (BTC) doesn’t reach $74,000 before it does, no rewards will be given to those who are still buying. This represents a potential increase of 32% from its current price, which is twice the predicted target for the Brandt megaphone pattern.
The trading veteran concludes his prediction by saying that the selling is stronger than the buying in this pattern. Just how strong it is will be seen in the near future.
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2024-09-06 11:45