Veteran trader Peter Brandt believes that Bitcoin (BTC) will soon revisit the $50,000 range.
Brandt tells his 1 million followers on X that Bitcoin is forming an expanding triangle pattern on the daily chart and may decline more than 14% from its current value.
In technical analysis, an expanding triangle pattern, which is also known as the megaphone, is bullish when the pattern breaks out above the upper boundary and bearish when the pattern breaks down below the lower boundary.
Says Brandt,
“This is called an expanding triangle. Expanding triangles are very common in Bitcoin. They are also typically reliable. The target for expanding triangles is the height projected from the breakout. A move back above $75,000 would change my analysis.”
Looking at his chart, Brandt thinks that Bitcoin will hit the $56,000 level.
However, trader and analyst pseudonymously known as DonAlt believes Bitcoin will not return to the $50,000 range.
“Went to resistance, resistance resisted. Still largely looks the same to me as it has for months now. Could see us dip back into $60,000 support due to Saylor having found the sell button panic but would be surprised by more than that. Remains not bad, not great still.”
The analyst says that he’ll turn bullish on Bitcoin if BTC regains the $71,000 level as support.
“I’m gonna buy properly if we close this week above $71,000. Think that’s the minimum of strength I wanna see to put more money at risk.”
Bitcoin is trading for $65,587 at time of writing, down 2.5% on the day.
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