Bitcoin price has clearly fallen from the $65,000 level it rose to yesterday and has fallen below $62,000. Although it is not known why this price drop occurred, it has raised questions about the feeling that a sense of anxiety may be re-emerging in the market. Despite this, analysts and investors continue to maintain their optimistic views on BTC.
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The veteran investor who gained legendary status after informing the market about Bitcoin’s collapse in 2017 Peter Brandt, He seems to believe that BTC is in a position to start an upward move, with the price correction that has been going on for several months now nearing its end.
Brandt, who published a new blog post, BTC’s He stated that he turned to long positions in Bitcoin because he thought it was moving within a megaphone formation and was getting closer to breaking out of it.
Analyses of the technical formation indicate that if the price breaks the diagonal resistance, it may act as an upward continuation formation.
According to Brandt, Bitcoin appears to have started an upward movement after breaking out of the inverse head and shoulders formation within the larger megaphone formation.
The dominant chart structure on the weekly chart is a five-month expanding triangle or megaphone. It could be waiting for a major breakout.
The daily chart is showing a possible completed inverse head and shoulders that is part of the broader squeeze. I have taken a 2.7 BTC position below Friday’s low with a 40 basis point risk and a protective stop. This is a position that is in anticipation of a larger breakout pending.
Looking at the inverse head and shoulders pattern, it shows that investors are not expecting the price to revisit recent lows before accumulating, and that an asset is likely to move upwards. Based on the chart shared by the analyst, he states that if BTC reaches the resistance at $72,000, it will break out of the existing megaphone pattern.
The weekly and daily charts continue to form a megaphone or expanding triangle formation for BTC. There is no word yet on where BTC will trend next.
How Many Dollars is BTC?
At the time of writing, Bitcoin is trading at $61,900, down more than 2% on the day. Although the reason for the decline in BTC is unknown, it suggests that US investors have had an impact on the process that began after the Wall Street opening.
In addition to this Ethereum Its price, after a decline of more than 4%, lost the $ 2,600 level once again and is finding buyers at $ 2,593.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
