Bitcoin Just Formed Rare Megaphone Pattern, Says Veteran Trader Peter Bandt – Here’s What It Means

Veteran analyst and crypto buying and selling legend Peter Brandt says that Bitcoin (BTC) is at present printing a construction that’s seldom seen in any market.

Brandt, who gained a legendary status within the crypto area after nailing the collapse of BTC in 2017, says BTC is at present exhibiting inside a uncommon reversal sample.

“That is known as a megaphone or inverted symmetric triangle.”

Supply: Peter Brandt/Twitter

A megaphone sample, which is also called a broadening formation, is a bullish technical construction usually seen after a pointy downward transfer. The asset historically breaks out after the third try and breach the diagonal resistance.

Brandt’s chart, it seems that Bitcoin has thus far touched the diagonal twice, suggesting that BTC bulls want not less than yet another push for the king crypto to interrupt out of the sample.

Yesterday, Bitcoin rallied to its 2023 excessive of $26,507 on the again of a large brief squeeze that triggered $320 million in liquidations as merchants who wager that BTC would fall scrambled to cowl their positions.

Bitcoin has pulled again since and is buying and selling for $24,796 at time of writing.

Brandt says that the correction means that the megaphone construction is in play.

“Not stunned 26,000 rejected advance.” 

Supply: Peter Brandt/Twitter

Following BTC’s newest retracement, fellow crypto analyst Michaël van de Poppe says BTC could discover help on the $23,300 worth stage.

“Would have most popular a continued push in direction of $27,000 – $28,000 right here for Bitcoin.

Not focused on shopping for this retest at $25,000.

In search of deeper at $23,300 for bounce-play longs for Bitcoin.”

Supply: Peter Brandt/Twitter

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