Legendary Trader Peter Brandt Discusses Bitcoin Price Bull Flag Pattern

Peter Brandt, a well-respected figure in the trading community, has shared his insights on the recent movements of Bitcoin (BTC).

Brandt’s focus has been on the ongoing debate regarding a potential bull flag forming on the Bitcoin price chart. This discussion gained traction after he previously stated that such a pattern would not extend for the length currently observed on the cryptocurrency’s chart.

Observations of Bitcoin’s price reveal that a potential bull flag began to take shape in March 2024, following the achievement of a new all-time high, and has continued to develop over the past six months.

Brandt argues that a bull flag should not take this long to form, as he acknowledged in the debate. However, he further explained that this formation might actually reflect a bearish channel which, if broken, could lead to a renewed long-term bullish trend.

This raises the interesting question of whether the current setup on the Bitcoin chart constitutes a bullish flag or a bearish channel signaling downward movement. The fate of bullish investors hinges on whether Bitcoin can surpass the upper boundary of its range, which has persisted for the last six months.

At present, this critical area of resistance sits around $68,500, only a few percentage points away from Bitcoin’s current price.