Legendary Trader Peter Brandt Details Downside Price Target for Bitcoin After BTC Breaks From ‘Reliable’ Pattern
Veteran trader Peter Brandt believes that Bitcoin (BTC) will soon revisit the $50,000 range.
Brandt tells his 1 million followers on X that Bitcoin is forming an expanding triangle pattern on the daily chart and may decline more than 14% from its current value.
In technical analysis, an expanding triangle pattern, which is also known as the megaphone, is bullish when the pattern breaks out above the upper boundary and bearish when the pattern breaks down below the lower boundary.
Says Brandt,
“This is called an expanding triangle. Expanding triangles are very common in Bitcoin. They are also typically reliable. The target for expanding triangles is the height projected from the breakout. A move back above $75,000 would change my analysis.”
Source: Peter Brandt/X
Looking at his chart, Brandt thinks that Bitcoin will hit the $56,000 level.
However, trader and analyst pseudonymously known as DonAlt believes Bitcoin will not return to the $50,000 range.
“Went to resistance, resistance resisted. Still largely looks the same to me as it has for months now. Could see us dip back into $60,000 support due to Saylor having found the sell button panic but would be surprised by more than that. Remains not bad, not great still.”
Source: DonAlt/X
The analyst says that he’ll turn bullish on Bitcoin if BTC regains the $71,000 level as support.
“I’m gonna buy properly if we close this week above $71,000. Think that’s the minimum of strength I wanna see to put more money at risk.”
Bitcoin is trading for $65,587 at time of writing, down 2.5% on the day.
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
BTC, ETH, XRP, ZEC consolidate near highs as breakout levels approach
As chip stocks plummet, "cybersecurity software" surges across the board, CrowdStrike and Palo Alto Networks hit new highs
CrowdStrike surged 13.8% in a single day to a record high, while Palo Alto Networks soared 13%. The software ETF outperformed the semiconductor ETF by more than 10 percentage points in a single day, marking the largest gap in history. Analysts believe that regardless of the pace of AI development, security demand will only continue to rise. Capital is accelerating its rotation from computing hardware to security software, with segments such as identity management and data governance expected to benefit first.
Altman can afford to wait, but Masayoshi Son can't: OpenAI will not go public this year, exposing a $20 billion gap and a credit weakness for SoftBank.
OpenAI has postponed its public listing, putting its largest external shareholder, SoftBank, in a liquidity crisis. This week, SoftBank is conducting a roadshow in New York, seeking to issue $10-20 billion in bonds to repay the $40 billion bridge loan previously borrowed to increase its investment in OpenAI. According to Bloomberg estimates, SoftBank faces a funding gap of at least $20 billion, and the yield on its existing U.S. dollar bonds has already exceeded 8.5%, with pricing approaching junk status.
Meeting postponed, gold price drops rapidly
Crypto prices
More
