U.Today – Yesterday, the cryptocurrency market once again stirred fear, uncertainty, and doubt about cryptocurrencies, recording another $100 million in liquidations in the last 24 hours, 76% of which were long positions. Since no one really knows what’s going on, it can be useful to get a consensus from the experts. One of them may be a fresh perspective on price provided by Peter Brandt.
Brandt, an expert who has been trading in financial markets since the 1970s, has revealed a formation on the price chart of the major cryptocurrency that he identifies as an inverted expanding triangle.
Also known as the “megaphone,” the pattern suggests a test of its lower boundary at around $46,000 per BTC. For example, Bitcoin is currently trading at $55,500, meaning another 17% drop is possible if the pattern holds.
What needs to happen for the bull market to revive again?
Brandt also touched on a bullish thread in his forecast, saying that Bitcoin price needs a massive push to fresh all-time highs to reverse the decline and truly get back on track.
This means that until the first cryptocurrency reaches $74,000 per BTC, nothing will be awarded to those who remain on the buy side. We are talking about a 32% escalate before the situation turns for bulls, which is twice the target for the Brandt megaphone pattern.
The veteran trader ends his forecast by saying that selling is stronger than buying in this pattern. How powerful it is remains to be seen in the near future.
