U.Today – Peter Brandt, considered by many to be a legend and a veteran trader in the financial markets, has broken his silence on the price action of the leading cryptocurrency, (BTC).
Specifically, Brandt's attention has been focused on the controversy surrounding a possible bull flag formation on the BTC price chart. The controversy was sparked by the fact that Brandt once stated that this pattern could not be as long as it is now on the cryptocurrency's chart.
Looking at the price movement of Bitcoin, we can see how a potential bull flag started forming in March 2024, after reaching a new all-time high, and continues to form until now, i.e. for the sixth consecutive month.
According to Brandt, a bull flag cannot take that long to form, as one of the participants in the controversy mentioned. In this case, the trader himself entered the debate and said that it was true.
However, Brandt clarifies that this formation could be a bearish channel that, once violated, could resume a longer-term uptrend.
This statement makes it irrelevant whether the formation on the Bitcoin price chart is a bullish flag or simply a bearish channel that the price is moving down. The success of bullish traders depends on whether BTC can break above the upper limit of the range it has been trading in for the past six months.
Currently, this dynamic resistance is around $68,500, less than 10% away from the current price of Bitcoin.
This article was originally published on U.Today
