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Trading veteran Peter Brandt shook up the crypto timeline today with a chart that seemed to spell trouble for Bitcoin — at least at first. The post showed what looked like a typical bear flag pattern on the 3-day timeframe.
What Brandt was pointing to is a drop followed by a tight rising wedge. Viewed normally, that is a classic structure pointing to further losses. But there was one catch: the whole chart was upside down.
Right-side up, the so-called bear flag turned into consolidation at support — low volatility, tight range and the potential for a strong upward push. It was not a setup for a crash but a structure that often appears before continuing to the upside.
Among predictions, one thing Brandt's chart showed is how expectations can mess with pattern recognition. Market participants are always looking for something familiar, but the mind can sometimes send us down the wrong path.
Bitcoin's price is currently around $109,000, which is above a support zone that has been a key level since mid-June. From a technical perspective, this kind of sideways structure — after a strong move up — is often seen as a base forming before the market continues moving up. Should the current range hold, the Bitcoin price could soar to $115,000 to $118,000 next.
On the other hand, if the support zone breaks, the downside target from a potential breakdown would probably be around $98,000 to $100,000 per BTC.
Vladislav Sopov
U.Today Editorial Team