
Expert Trader Peter Brandt Provides Key Bitcoin Price Update
Peter Brandt, a veteran trader known for his expertise in technical analysis, recently shared a significant update regarding Bitcoin’s ongoing price action.
Brandt noted that Bitcoin (BTC) has been caught in a sequence of lower highs and lower lows. He emphasized that a close above the July highs would officially break this pattern and complete the six-month expanding triangle formation that has developed. Until this occurs, he believes the pattern will remain intact.
At the time of Brandt’s analysis, Bitcoin was priced at $63,695. Within just 24 hours, the price surged to $66,200, prompting speculation among some market observers. Questions arose about whether this shift would alter traders’ perceptions of the leading cryptocurrency.
However, Brandt stated that Bitcoin still needs to surpass the July high of $70,000, necessitating an additional gain of 5.5% to negate the ongoing trend of lower highs and lows. This is noteworthy despite the fact that BTC has already experienced a 12% increase since the beginning of September.
In his latest technical assessment, Brandt underscored the significance of the expanding triangle, or megaphone, pattern that continues to shape Bitcoin’s price chart. This formation often indicates growing volatility and wider price fluctuations, which has been evident in Bitcoin’s behavior over recent months, keeping traders alert as the price action unfolds.
Additionally, the August low of $49,000 serves as a crucial support level and remains a central focus for potential downside risk. While there is ongoing debate about whether Bitcoin will rally higher or revisit previous lows, it is evident that the bulls currently have the upper hand as long as prices stay well above this critical support level.