One of the experienced traders and analysts of the crypto world. Peter BrandtHe stated that Bitcoin (BTC) is following it even more closely when it reaches 2022 highs.
The trader, who is also known for accurately predicting the collapse that Bitcoin will experience in 2018, stated in his new post on his Twitter account that Bitcoin’s latest price action is very similar to the market structure in April 2019, when BTC fell to $ 3500 before starting the first leg of a bull cycle. .
“Bitcoin (BTC) The pattern is called the ascending triangle (below). You can read about the Asc Tris at Scgavacjer, Study III, page 93. You can also compare the current model to a similar build in 2019 (above).”
Looking at Brandt’s charts, the breakout from the ascending triangle pattern shows that Bitcoin has formed a bottom and is ready to start the next leg of the bull market.
However, Brandt stressed that even a technical break does not guarantee that Bitcoin will follow the 2019 rally.
“Graphs DO NOT predict the future! The charts don’t actually offer even a possibility. Charts only suggest possibilities and are useful in managing risks in a trading program. Chart patterns can work, fail, or transform from time to time. If the laser eyes reappear and BTC stops, you should watch out.”
Dave the WaveIn a response to Brandt’s thread of tweets, which showed that Bitcoin formed a larger ascending triangle on the weekly timeframe, he predicted that BTC could rally as high as $69,000, its all-time high.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.