As a seasoned analyst with over four decades of trading experience under my belt, I find Peter Brandt’s insights into Bitcoin’s price movement particularly intriguing. His disciplined approach to technical analysis and deep understanding of market cycles make him an authority in the field.
The surge in Bitcoin‘s (BTC) price to nearly $73,620, approaching its peak from March, has sparked intriguing observations from notable analysts such as veteran trader Peter Brandt. Known for his long-standing expertise in technical analysis, which he’s practiced since the 1970s, many regard him as a trading legend.
Apart from expressing his views about the present state of the leading cryptocurrency’s market, he additionally alluded to a research endeavor he is engaged in. This study aims to identify “authentic classical patterns” by examining Bitcoin’s price history. The focus will be on distinctive chart structures that are characteristic of the cryptocurrency’s market trends.
As a researcher, I’m in the midst of compiling a comprehensive document, highlighting the unique and authentic trends that have surfaced throughout Bitcoin’s historical journey.
— Peter Brandt (@PeterLBrandt) October 30, 2024
As an analyst, I am eagerly anticipating Brandt’s study on historical price patterns of Bitcoin, as it may uncover recurring structures that a trading expert deems reliable indicators of its price dynamics. This is significant because the findings could provide us with novel insights into past market cycles of this digital “gold” and distinctive patterns that might shape future price forecasts.
What are trader’s thoughts on Bitcoin’s current price movement?
He shared some ideas about where the cryptocurrency might go next. The analyst used semi-log and linear scale measurements to come up with a target near $94,000 per Bitcoin, based on a measured triangle pattern move.
In the world of cryptocurrency, Bitcoin ($BTC) is under discussion. When it comes to setting targets, there are different methods you can use. One factor that comes into play is whether a semi-logarithmic (semi-log) or linear scale is employed. To clarify, if we’re talking about the semi-log scale: The projected distance from the breakout level to 94,000 is measured as the target using the triangle pattern.
— Peter Brandt (@PeterLBrandt) October 29, 2024
He also mentioned an approach that looks at price swings from the November 2022 low to the March 2024 high, along with levels seen in August 2024.
Regarding all the forecasts, Brandt emphasizes that he’s tackling each goal individually and exercising care when it comes to estimations and risk assessment.
Read More
- ENA PREDICTION. ENA cryptocurrency
- USD PHP PREDICTION
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- SHIB PREDICTION. SHIB cryptocurrency
- USD COP PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- Red Dead Redemption: Undead Nightmare – Where To Find Sasquatch
- USD ZAR PREDICTION
- BRISE PREDICTION. BRISE cryptocurrency
2024-10-30 16:50