Economist and author Peter Brandt, who stated that he has been trading on the stock market as a trader since 1975, made a new analysis of the Bitcoin price for investors in his latest statement.
The analyst, who has 50 years of experience, said that there is an inverse expanding triangle pattern on the Bitcoin chart and that he expects a decline in BTC.
Bitcoin May Test $46,000!
Noting that Bitcoin has formed a pattern called an inverted expanding triangle or megaphone, Brandt said that this pattern shows stronger selling pressure and that he expects BTC to test around $46,000 as the lower limit.
Brandt stated that a strong push to new ATH levels is necessary for the current bull run to restart and progress.
“This pattern is called the inverted expanding triangle or megaphone.
If Bitcoin tests the lower boundary of the pattern, it will drop to around $46,000. A major push to new ATHs is needed to get this bull market back on track.
In this pattern, selling is stronger than buying.”
Bitcoin continues to fall, trading at $56,450 at the time of writing.
This is called an inverted expanding triangle or a megaphone. A test of the lower boundary would be to 46,000 or so. A massive thrust into new ATHs is required to get this bull market back on track $BTC
Selling is stronger than buying in this pattern pic.twitter.com/ekDZUJXXgd— Peter Brandt (@PeterLBrandt) September 5, 2024
*This is not investment advice.
