U.Today – Peter Brandt, considered by many to be a legend and an experienced trader in the financial markets, broke his silence about price changes in the main cryptocurrency (BTC).
Specifically, Brandt’s attention was drawn to the controversy surrounding a possible bull flag forming on the BTC price chart. This controversy was sparked by the fact that Brandt once claimed that the pattern could not be as long as it is now on the cryptocurrency’s chart.
By observing Bitcoin’s price movements, we can see that a possible bull flag started forming in March 2024, after reaching a modern all-time high, and has been maintained until today, i.e. for the sixth month in a row.
According to Brandt, the bull flag cannot form for as long as one of the discussants mentioned. Here, the trader himself joined the debate and said that this is true.
However, Brandt explains that this formation may constitute a descending channel which, once breached, may resume a long-term uptrend.
This statement makes it irrelevant whether the Bitcoin price chart pattern is a bullish flag or simply a bearish channel where the price is falling. Success for bullish traders depends on whether BTC manages to break out of the upper bound of the range it has been trading in for the past six months.
Currently, this energetic resistance is around $68,500 – less than 10% from Bitcoin’s current price.
