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Legendary Trader Peter Brandt Spots Major Turning Points on Bitcoin (BTC) Chart

Sat, 02/18/2023 - 12:15
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Tomiwabold Olajide
Bitcoin (BTC) might soon see paradigm shift
Legendary Trader Peter Brandt Spots Major Turning Points on Bitcoin (BTC) Chart
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Veteran trader Peter Brandt spots "major" turning points on the Bitcoin (BTC) price chart.

The renowned trader was replying to a tweet from @htltimor, who pointed out a price pattern on the Bitcoin chart that he called a "bottom structure."

Brandt, on the other hand, responded that the pattern depicted was called a price wall, and those typically represent major turning points.

Visually, the volume of orders forms a "wall" when graphed against the price and can be identified as price points where large volumes of buy or sell orders are set, respectively.

Bitcoin (BTC) Completes “Extremely Rare” Chart Pattern, Peter Brandt Says

Brandt tweeted his analysis of Bitcoin (BTC), as was previously reported, and said that the price of BTC had created a "double-walled fulcrum pattern," which is an extremely rare event. He sets a mid-$25,000 2X target for the leading cryptocurrency.

As reported by Bloomberg, Mike Novogratz, a proponent of cryptocurrencies, said there was a good chance of Bitcoin returning to $30,000 by the end of March, which is still about 25% higher than its present price. At the time of writing, Bitcoin was up 3.05% at $24,488.

Bitcoin might soon see paradigm shift: Glassnode co-founder

Glassnode co-founder and CTO Rafael Schultze-Kraft believes Bitcoin might soon see a paradigm shift in terms of network usage, block space and fees — as suggested by the recent on-chain footprint.

He says the recent development of Bitcoin ordinals and inscriptions is truly astounding, and this shift might happen if adoption continues to accelerate.

In a thread of tweets, he stated several milestones reached by the Bitcoin network. One of which was the massive increase seen in the average Bitcoin block size, which has constantly reached values well above 2 MB in the past week.

The Glassnode CTO says that this is the first significant BTC block size increase since the 1 MB cap was removed with Segwit in August 2017. While the recent average block size had evened out at around 1.2 MB, hourly values are now exceeding 3.2 MB.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.