U.Today

Yesterday, the crypto market once again sparked fear, uncertainty, and doubt with another $100 million in liquidations in the last 24 hours, 76% of which were long positions. Since no one really knows what is going on, it might be useful to get some consensus from the experts. One of them is the fresh outlook on the Bitcoin price provided by Peter Brandt.

Brandt, an expert trader who has been operating in the financial markets since the 1970s, revealed what he identifies as an inverted expanding triangle pattern on the price chart of the major cryptocurrency.

Also known as the “megaphone,” the pattern suggests a test of its lower boundary at around $46,000 per BTC. Currently, Bitcoin is trading at $55,500, indicating another 17% drop is possible if this pattern plays out.

What will it take to get the bull market back?

Brandt also touched on a bullish theme in his prediction. According to him, Bitcoin needs a massive push to new all-time highs to reverse the slide and truly get back on track for a bullish rally.

This means that until the first cryptocurrency touches $74,000 per BTC, nothing is guaranteed for buyers. We’re talking about a 32% upside before conditions shift for the bulls, which is double the target for Brandt’s megaphone pattern.

The trading veteran concludes his prediction by stating that selling is stronger than buying in this pattern. The strength of this trend will be assessed in the near future.

This article was originally published on U.Today