Bitcoin Price Update: Expert Trader Peter Brandt Highlights Megaphone Pattern Influencing BTC Chart
Renowned trader Peter Brandt recently provided a crucial update on Bitcoin's ongoing price action, emphasizing the significance of the expanding triangle, or megaphone, pattern that continues to shape the cryptocurrency's chart. Brandt noted that BTC is currently stuck in a series of lower highs and lower lows, with a close above the July highs needed to break this pattern and complete the six-month expanding triangle.
At the time of Brandt's assessment, Bitcoin was valued at $63,695. However, just 24 hours later, the price surged to $66,200, causing some observers to question whether this change would alter traders' perceptions of the leading cryptocurrency. Despite the 12% gain since the beginning of September, Bitcoin still needs to surpass the July high of $70,000 to invalidate the series of lower highs and lows.
The megaphone formation signals increasing volatility and wider price swings, aligning perfectly with Bitcoin's recent behavior. The August low of $49,000 remains a crucial support level, with the debate ongoing about whether Bitcoin will move higher or retest previous lows. For now, the bulls hold the upper hand as long as the price remains well above critical support levels.
In conclusion, Peter Brandt's analysis underscores the importance of key price levels and patterns in determining Bitcoin's future trajectory. Traders should closely monitor the evolving price action and be prepared for potential volatility in the cryptocurrency market.