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    Home»Bitcoin»Trading Veteran Peter Brandt Drops Must-See Bitcoin Price Update
    Bitcoin

    Trading Veteran Peter Brandt Drops Must-See Bitcoin Price Update

    August 21, 20243 Mins Read


    Trading Veteran Peter Brandt Drops Must-See Bitcoin Price Update
    Cover image via U.Today

    Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

    Veteran trader Peter Brandt has released an important update to his view on the Bitcoin price today. Specifically, the skilled speculator of financial assets  pointed out that Bitcoin (BTC), and Ethereum (ETH) are showing well-known technical formations. 

    Thus, for the first cryptocurrency, Brandt observes a “megaphone” or “expanding triangle” pattern on the weekly and daily charts. These formations usually indicate expansive price swings in both directions, which often precede a decisive breakout or breakdown out of the range. 

    Related

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    However, he notes that a clear trend has yet to emerge for Bitcoin, and the lookout for further developments is needed before making any substantial investment decisions.

    Charts of continuing interest are Bitcoin and Ether.
    Weekly and daily graphs continue to form a megaphone or broadening triangle pattern in BTC
    No declaration of next trend yet $BTC$ETH will remain defensive unless/until close above 3050 occurs pic.twitter.com/aEESwhX5oC

    — Peter Brandt (@PeterLBrandt) August 20, 2024

    It’s interesting to note that when the veteran trader was then asked about what would signal a resumption of Bitcoin’s long-term uptrend – a breakout above the diagonal resistance line or breaking the horizontal line at the $74,000 level – he dismissed the relevance of diagonal resistance, saying he doesn’t factor it into his analysis.

    Related

    Mt. Gox Makes Massive Bitcoin Transfer

    Suming up, Peter Brandt thinks that Bitcoin will keep on moving in a pretty wide range, which is likely to expand further until it breaks out of one of those boundaries. We’re probably going to see more volatility, too, along with a lot of dramatic price pertrubations. 

    Ethereum (ETH) price outlook

    As for Ethereum, here Brandt notes that the altcoin remains on the defensive. He believes that the major altcoin will not signal bullish strength until it closes above the critical $3,050 level. Apparently, according to Brandt, until that happens, a bearish bias prevails for the price of ETH. 

    Related

    Ethereum’s Buterin Makes Mysterious $1 Million Transfer

    It’s worth mentioning that the veteran trader’s previous outlook on altcoin included a short set-up with targets of $1,641 per ETH.





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