Veteran trader Peter Brandt commented on Bitcoin (BTC), the largest cryptocurrency by market cap. The recent price chart seen in Bitcoin pointed out that Bitcoin is at a crossroads for its value. Here are the details…
Peter Brandt made new statements
Brandt responded to the chart analysis based on past price trends from @htltimor’s account. Thus, he announced his thoughts that we are at a turning point for the value of BTC. “These changes are called price walls and they usually mark the turning point,” the veteran trader said in his analysis.
Looking at the chart, @htltimor highlights the similarity of Bitcoin price action seen today to the start of the 2019 bull run. It emphasizes that we are at the bottom of the run that was experienced at that time. It is worth noting that the price of the leading crypto asset tripled in the first half of 2019, surprising us all. If @hltimor’s analysis turns out to be correct, that is, we will see the same increase as the 2019 bull run, the price of Bitcoin could double in the next two months.
What levels are important to Bitcoin?
Brandt has previously analyzed Bitcoin’s current price movements. The veteran trader described the bottom price chart as an “extremely rare double-walled fulcrum” pattern. In his previous report, he stated that BTC’s foothold follows a double bottom or double top pattern, indicating a potential reversal. Also, the veteran trader stated that the chart pattern’s initial target is $25,500 and it should climb quickly at this price. He stated that if the process does not happen quickly and the price cannot maintain its stability, it can be pulled back to the mainstay of around $ 15 thousand.
Notably, the asset approached the projected target this week and broke above the $25,000 price point for the first time since August last year. However, the asset is currently changing hands at $24,511 after Thursday’s significant drop. Still, the coin has seen a 13 percent increase in the last seven days. cryptocoin.com According to the data, currently the market value of BTC is over $470 billion.
Bitcoin price is consolidating after finding strong resistance at $25,000. This year, the resurgence in the price of the primary cryptocurrency has been the hottest topic, going from $16,000 to $24,000 in a matter of weeks. This trend continued as Bitcoin surpassed $25,000 for the first time since August 2022 this week, with some experts predicting that $30,000 could be the next resistance point. However, this was not the case and Bitcoin was quickly rejected at $25,000.
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