Peter Brandt, a well-known trader who accurately predicted the 2017 Bitcoin crash, is now saying Bitcoin could be on the verge of a big jump.
Brandt Sees Breakout Potential
Brandt has bought Bitcoin, believing it’s about to break out of a pattern called a “megaphone formation.” This pattern suggests a strong price increase is likely if Bitcoin breaks through a certain resistance level. He also sees a “head and shoulders” pattern, which indicates traders are buying Bitcoin and expecting it to rise.
Technical Analysis Explained
Brandt’s analysis is based on technical charts, which show the price of Bitcoin over time. He believes these charts suggest Bitcoin is poised for a breakout, potentially reaching $72,000.
Brandt’s Previous Stance
Just last week, Brandt was still cautious about Bitcoin’s direction, saying it was unclear what would happen next. However, he’s now changed his tune, suggesting a bullish outlook.
Bitcoin’s Current Price
At the time of writing, Bitcoin is trading at $63,046, down slightly for the day.
Disclaimer: This information is for educational purposes only and should not be considered investment advice. Always do your own research before making any investment decisions.
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