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Yesterday, the crypto market once again sparked fear, uncertainty and doubt about crypto with another $100 million in liquidations in the last 24 hours, 76% of which were long positions. Since no one really knows what is going on, it might be useful to get some consensus from the experts. One of them can be considered the fresh outlook on the Bitcoin price provided by Peter Brandt.
Brandt, an expert trader who has been operating in the financial markets since the 1970s, revealed what he identifies as an inverted expanding triangle pattern on the price chart of the major cryptocurrency.
Alex Dovbnya
Also known as the "megaphone," the pattern suggests a test of its lower boundary at around $46,000 per BTC. For instance, Bitcoin is currently trading at $55,500, which means another 17% drop is possible if this pattern plays out.
What will it take to get bull market back?
Brandt also touched on a bullish theme in his prediction. According to him, the price of Bitcoin needs a massive push to new all-time highs to reverse the slide and truly get back on track for a bullish rally.
This means that until the first cryptocurrency touches $74,000 per BTC, nothing will be granted to those who remain on the buying side. We are talking about a 32% upside before the tables turn for the bulls, which is double the target for Brandt's megaphone pattern.
Gamza KhanzadaevThe 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.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team