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Bitcoin in Congestion Zone Right Now: Legendary Trader Peter Brandt

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Mon, 09/13/2021 - 12:55
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Yuri Molchan
Savvy trader Peter Brandt believes that what's happening to Bitcoin now is not a bull market, here's why
Bitcoin in Congestion Zone Right Now: Legendary Trader Peter Brandt
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Skilled old school commodity trader Peter Brandt, who often shares charts on Bitcoin and seldom mentions other cryptocurrencies, has offered an explanation of the current situation on the Bitcoin market and the jumps in volatility demonstrated by the flagship cryptocurrency.

"BTC is in broad congestion zone"

Brandt believes that Bitcoin at the moment is not in the bull market that began in February of this year, when it started climbing above the previous all-time high of $20,000.

According to the guru trader, the world's leading cryptocurrency is in a broad congestion zone right now, starting with the highs reached in February.

Back in that month, Bitcoin was trading between the $36,000 level and $54,000. On Feb. 21, BTC reached a peak of $57,719 and then dropped to $43,694 on Feb. 28.

Trading in congestion zones based on FOMO, Brandt added, can be a costly pastime.

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Guess what? A pattern on a Bitcoin chart

Earlier today, Peter Brandt shared a screenshot of a Bitcoin chart and asked his numerous followers to guess what pattern is forming on the BTC graph right now.

Some suggested that this might be a Bear Flag or a "golden cross pullback," but none of the commenters seem to have it right.

Peter Brandt did not comment to provide the correct answer to his riddle.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.