PiCK
"Bitcoin (BTC) must break above $93,000 to invalidate the downtrend structure…a bottom possible in October"
JH Kim
Summary
- Peter Brandt said that Bitcoin (BTC) must break above $93,000 to invalidate the current downtrend structure.
- Brandt explained that the technical structure deteriorated after it fell below the $92,000 peak.
- He added that the true bottom of this downturn cycle is likely to emerge in October and is expected to form in the $42,000 to low-$60,000 range.
Bitcoin (BTC) may be forming its true bottom around October, according to a forecast.
According to cryptocurrency-focused outlet U.Today on the 19th (local time), veteran trader Peter Brandt said, "Bitcoin needs to break above $93,000 to invalidate the current downtrend structure." He explained that "the technical structure deteriorated after it fell below the previous peak of $92,000 in January."
He added, "The true bottom of this downturn cycle is likely to appear in October," and "the price is expected to form in the $42,000 to low-$60,000 range."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
