As a seasoned market analyst with over three decades of experience under my belt, I find Peter Brandt’s technical analysis insightful and valuable. His emphasis on the megaphone formation, or expanding triangle, is particularly noteworthy given its potential to indicate increased volatility and price swings in Bitcoin (BTC). This pattern has been quite evident in BTC’s behavior over the past few months, making it challenging yet exciting for traders like myself.
Peter Brandt, a veteran trader widely known for his technical analysis, recently issued an important update regarding Bitcoin‘s ongoing price action.
Observing that Bitcoin (BTC) continues to be confined within a sequence of lower peaks and troughs, Brandt emphasized that only a move beyond the July highs would technically conclude this pattern and complete the six-month ascending triangle that has emerged. As long as this milestone hasn’t been achieved, he suggests that the current pattern persists.
At the point when Brandt evaluated it, Bitcoin (BTC) was worth $63,695. However, within 24 hours, its value had surged to $66,200, sparking curiosity among some analysts who pondered if this price fluctuation might influence traders’ perceptions of the leading cryptocurrency.
Even though Brandt mentioned that Bitcoin needs to surpass its July peak of $70,000, representing a 5.5% increase, in order to disprove the pattern of decreasing highs and lows, it’s worth noting that Bitcoin has already risen by 12% since September began.
Bitcoin’s megaphone
In his recent study, Brandt emphasizes the significant role of the widening triangle or megaphone shape in Bitcoin’s price movement. This megaphone-like structure often indicates escalating market turbulence and larger price fluctuations.
Over the past few months, Bitcoin’s behavior has closely followed expectations, leaving traders constantly alert and anticipating the next move in its price fluctuations.
Currently, the $49,000 low from August serves as an important foundation or base for any potential price drops. This level remains significant when considering possible downward movements.
The question of whether Bitcoin will continue to rise or fall back to its former lows is still undecided, however, it’s evident that the bullish trend holds sway at present, provided the price stays comfortably above significant support levels.
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2024-09-27 18:36