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Peter Brandt's Update on Bitcoin Price Action

Peter Brandt, a veteran trader known for his technical analysis, recently provided an important update regarding Bitcoin's (BTC) ongoing price action.

Brandt notes that BTC remains trapped in a series of lower highs and lower lows. He emphasized that a close above the July highs would officially break this pattern and complete the six-month expanding triangle that has formed. Until this occurs, he believes the current pattern remains in play.

At the time of Brandt's assessment, Bitcoin was valued at $63,695. Just 24 hours later, the price surged to $66,200, raising questions among observers about the impact on traders' perceptions of the leading cryptocurrency.

Brandt insists that Bitcoin must break through the July high of $70,000, requiring an additional 5.5% gain, to invalidate the series of lower highs and lows. Despite a 12% increase since the beginning of September, the upward movement must continue.

Bitcoin's Megaphone

In his latest technical analysis, Brandt emphasizes the significance of the expanding triangle, or megaphone pattern, which continues to shape Bitcoin’s price movements. This formation typically indicates rising volatility and wider price swings.

The megaphone pattern has matched BTC's behavior over recent months, keeping traders alert as price actions fluctuate. Additionally, the August low of $49,000 serves as a crucial support level amid potential downside risks.

While the direction of Bitcoin's movement—higher or a retest of previous lows—remains uncertain, it is evident that the bulls currently hold the advantage as long as prices remain well above critical support.

This article was originally published on U.Today