Legendary Dealer Peter Brandt Breaks Silence on Bitcoin Value Bull Flag Sample

U.At the moment – Peter Brandt, thought of by many to be a legend and veteran dealer on the monetary markets, has damaged his silence on the value motion of the foremost cryptocurrency, (BTC).

Particularly, Brandt’s consideration has been drawn to the controversy surrounding a attainable bull flag forming on the BTC worth chart. The controversy was sparked by the truth that Brandt as soon as claimed that this sample couldn’t be so long as it’s now on the cryptocurrency’s chart.

Taking a look at Bitcoin’s worth motion, we are able to see how a attainable bull flag began to type in March 2024, after reaching a brand new all-time excessive, and continues to type till now, i.e., for the sixth month in a row.

In line with Brandt, a bull flag can’t take that lengthy to type, as one of many disputants talked about. Right here, the dealer himself entered the controversy and mentioned that it was true.

Nonetheless, Brandt clarifies that this formation may very well be a bearish channel that, as soon as violated, might resume a longer-term bullish pattern.

This assertion makes it irrelevant whether or not the formation on the Bitcoin worth chart is a bullish flag or only a bearish channel the place the value goes down. Success for bullish merchants depends upon whether or not BTC can overcome the higher boundary of the vary it has been buying and selling in for the previous six months.

At the moment, this dynamic resistance is round $68,500 – lower than 10% away from the present Bitcoin worth.

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