U.Today – Yesterday, the cryptocurrency market once again brought fear, uncertainty and doubts about cryptocurrencies with another $100 million in liquidations in the last 24 hours, of which 76% were long positions. Since no one really knows what is going on, it might be useful to get some consensus from experts. One of them can be considered the new price perspective provided by Peter Brandt.
Brandt, an expert trader who has been operating in financial markets since the 1970s, revealed what he identifies as an inverted expanding triangle pattern on the price chart of the leading cryptocurrency.
Also known as the “megaphone,” the pattern suggests a test of its lower boundary around $46,000 per BTC. For example, Bitcoin is currently trading at $55,500, meaning another 17% drop is possible if this pattern plays out.
What will it take for the market to turn bullish again?
Brandt also touched on a bullish theme in his prediction. According to him, the Bitcoin price needs a massive push towards new all-time highs to reverse the decline and truly get back on track for a bullish rally.
This means that until the first cryptocurrency reaches $74,000 per BTC, nothing will be granted to those who remain on the buying side. We are talking about a 32% rise before the situation turns around for the bulls, which doubles the target of the Brandt megaphone pattern.
The veteran trader concludes his prediction by saying that in this pattern, the selling is stronger than the buying. In the near future, we will see how strong it will be.
This article was originally published on U.Today
