Veteran analyst Peter Brandt bitcoin (BTC) currently has a structure rarely seen in any market.
After detecting the collapse of BTC in 2017 crypto- Brandt, who has gained a legendary reputation in the field, stated that BTC is currently in a rare reversal pattern.
“It’s called a megaphone, or an inverted symmetrical triangle.”
The megaphone pattern, also known as the expansion pattern, is a bullish technical structure typically seen after a sharp downward move. The asset traditionally explodes after the third attempt to overcome the diagonal resistance.
Looking at Brandt’s chart, it seems that Bitcoin has touched the diagonal twice so far. This shows that BTC bulls need at least one more push to get the king crypto out of the formation.
Yesterday, Bitcoin surged to a 2023 high of $26,507 after a major short squeeze that triggered liquidation of $320 million as traders who bet that BTC would fall scramble to close their positions.
Bitcoin has since pulled back. Koinfinans.com As we have reported, it is trading at $24,796 at the time of writing this news.
Brandt says the fix shows the megaphone build is in play.
“I am not surprised that 26,000 refused to move forward.”
Following BTC’s recent pullback, fellow crypto analyst Michaël van de Poppe says BTC could find support at the $23,300 price level.
