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Since the beginning of the week,
Veteran trader Peter Brandt weighed in on the current price action of Bitcoin, suggesting a broader perspective on market sentiment. He indicated that the сryptocurrency had potentially completed a "head and shoulders" pattern. However, Brandt emphasized the significance of not solely relying on technical patterns, highlighting the possibility of variations in price behavior.
Two scenarios
Despite the correction, Brandt expressed confidence in Bitcoin's long-term bullish trend, considering the pullback as a healthy development within the market cycle. He noted that corrections are inherent in any upward trajectory and that Bitcoin still remains within a significant bull trend.
He also mentioned a potential scenario where Bitcoin could retest the upper boundary of an advancing channel at around $52,000. However, the trader clarifies, if the Bitcoin price recovers to values of $69,000, then the pattern would be refuted, and a decrease in the 50,000 zone should not be expected.
Vladislav Sopov
Denys Serhiichuk
Dan Burgin