Legendary Trader Peter Brandt Breaks Silence on Bitcoin Price Bull Flag Pattern

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As a seasoned crypto investor with over three decades of trading experience under my belt, I find myself intrigued by the recent debate surrounding Bitcoin’s price action and Peter Brandt’s take on it.

Veteran trader Peter Brandt, widely recognized as a legend in financial markets, has finally spoken up about the recent trends in the value of Bitcoin (BTC).

Brandt’s focus has shifted towards the debate about whether a potential ‘bull flag’ formation is occurring in the Bitcoin price graph. The argument arises because Brandt previously stated that such a pattern might not extend this long on Bitcoin’s chart.

By examining Bitcoin’s price trend, it appears that a potential bullish pennant emerged as of March 2024, following an all-time high, and has been growing steadily over the past six months.

PeterLBrandt posted an excerpt from a traditional chart analysis book, indicating that a bull flag (a pattern in stock market charts) of such duration is typically unlikely to persist as described.

— Colin Talks Crypto 🪙 (@ColinTCrypto) September 24, 2024

As per Brandt’s statement, a bull flag formation typically doesn’t require a prolonged period, a point contested by some. However, the trader in question confirmed this assertion, agreeing that it indeed holds true.

Indeed, Brandt points out that the current structure might represent a bearish channel. If broken, it could signal a resumption of a longer-term upward trend.

This statement makes it irrelevant whether the formation on the Bitcoin price chart is a bullish flag or just a bearish channel where the price is going down. Success for bullish traders depends on whether BTC can overcome the upper boundary of the range it has been trading in for the past six months.

At the moment, the fluctuating resistance level stands at approximately $68,500, which is nearly 10% below the current value of Bitcoin.

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2024-09-25 19:00