Advertisement
AD

Main navigation

Expert Trader Peter Brandt Delivers Important Bitcoin Price Update

Advertisement
Fri, 27/09/2024 - 15:34
Expert Trader Peter Brandt Delivers Important Bitcoin Price Update
Cover image via U.Today

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Peter Brandt, a veteran trader widely known for his technical analysis, recently issued an important update regarding Bitcoin's ongoing price action. 

Advertisement

Noting that BTC remains trapped in a series of lower highs and lower lows, Brandt pointed out that only a close above the July highs would officially break this pattern and complete the six-month expanding triangle that has formed. Until that point is reached, he believes the pattern remains in play.

Related

It is worth noting that at the time of Brandt's assessment, Bitcoin (BTC) was valued at $63,695. Just 24 hours later, the price had shot up to $66,200, raising questions for some observers. Some wondered if this change in price would change the way traders think about the top cryptocurrency. 

Advertisement

Still, Brandt said that Bitcoin still needs to break through the July high of $70,000, which would require another 5.5% gain, to invalidate the series of lower highs and lows. This is despite the fact that BTC has already gained 12% since the beginning of September.

Bitcoin's megaphone

In his latest technical analysis, Brandt highlights the importance of the expanding triangle, or megaphone, pattern that continues to influence Bitcoin's price chart. This megaphone formation is a pattern that typically signals increasing volatility and wider price swings.

It has been perfectly in line with the behavior of BTC over the past few months, keeping traders on their toes as the price action unfolds.

Related

Meanwhile, the August low of $49,000 is a key support level that is still a focal point for any downside risk. 

It is still up for debate whether Bitcoin will move higher or retest its previous lows, but it is clear that the bulls have the advantage for now - as long as the price remains well above critical support.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD