Peter Brandt Says Bitcoin Could Be at a Major Turning Point

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Brandt explains the sig­nif­i­cance of Bitcoin’s price walls.

Vet­er­an trad­er Peter Brandt has assert­ed that Bit­coin is at a turn­ing point.

Brandt made this known in a tweet yes­ter­day in response to an analy­sis from @htltimor. Accord­ing to the clas­si­cal chartist, Bit­coin has formed “price walls” indica­tive of “MAJOR Turn­ing points.”

Notably, @htltimor com­pares Bitcoin’s cur­rent price action to the begin­ning of its 2019 bull run, assert­ing that we are cur­rent­ly in a bot­tom structure. 

Recall that in the first half of 2019, the lead­ing dig­i­tal asset tripled in price, tak­ing many mar­ket par­tic­i­pants by sur­prise. Super­im­pos­ing the market’s cur­rent phase with the 2019 bull run stage iden­ti­fied by @htltimor and expect­ing the same results, the asset could dou­ble in price in the next two months.

Mean­while, Brandt has iden­ti­fied Bitcoin’s cur­rent struc­ture before. As report­ed, the vet­er­an trad­er defined the bot­tom price struc­ture as an “extreme­ly rare dou­ble-walled ful­crum” chart pat­tern. As explained in the pre­vi­ous report, a ful­crum is sim­i­lar to a dou­ble-bot­tom or dou­ble-top chart pat­tern, indi­cat­ing a poten­tial reversal.

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At the time, the vet­er­an trad­er assert­ed that the imme­di­ate tar­get of the chart pat­tern was $25,500, not­ing that fail­ure to clinch this price quick­ly could see the asset retest the ful­crum, which lies around the $15k price point.

Notably, the asset came close to the pro­ject­ed tar­get this week, break­ing above the $25k price point for the first time since August last year. How­ev­er, fol­low­ing a sig­nif­i­cant drop on Thurs­day, the asset is now trad­ing around the $24,500 price point with short-term resis­tance around the $24,771.89 price point.

TradingView Screenshot 1676707789422
Chart by TradingView

At the time of writ­ing, Bit­coin is up 3.69% in the last 24 hours.

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