Summary:
Peter Brandt believes Bitcoin is poised for a major surge after a prolonged correction.
He has opened long positions in BTC, anticipating a breakout from a megaphone formation.
A bullish continuation pattern could occur if BTC breaches its diagonal resistance.
Brandt identifies an inverse head and shoulders pattern suggesting bullish sentiment.
Bitcoin's resistance level for a breakout is around $72,000.
Peter Brandt's Bullish Outlook on Bitcoin
Veteran trader Peter Brandt, renowned for accurately predicting the 2017 Bitcoin collapse, now asserts that BTC is primed for a significant surge, potentially concluding its prolonged correction phase.
In a recent blog post, Brandt revealed that he has initiated long positions in Bitcoin, believing it is on the brink of breaking out from a megaphone formation. This technical setup could indicate a bullish continuation pattern if the price surpasses its diagonal resistance.
Brandt states, âThe dominant chart construction on the weekly graph is a five-month broadening triangle or megaphone. A major breakout could be pending.â He elaborated that an inverse head and shoulders pattern has formed, indicating bullish sentiment as traders show less inclination to wait for lower prices before buying.
According to Brandt, should Bitcoin manage to break through the resistance around $72,000, a breakout from the larger megaphone pattern is likely. Just last week, he communicated to his 736,200 followers on social media that the trend remains uncertain as long as BTC trades within the megaphone pattern. âWeekly and daily graphs continue to form a megaphone or broadening triangle pattern in BTC. No declaration of the next trend yet BTC.â
As of now, Bitcoin is trading at $63,046, reflecting a slight decline of over 1% on the day.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should conduct their own research before making high-risk investments in Bitcoin, cryptocurrency, or digital assets.
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