Peter Brandt: “Bitcoin forming an upside pattern…possible shift to an uptrend”

Minseung Kang

Summary

Peter Brandt referenced his past call of Bitcoin’s 2018 crash and suggested there may be room for further upside.
He said Bitcoin has seen selling pressure largely exhausted after the sharp drop and is showing a gradual basing process and a gentle rising-channel pattern at the lower support zone of the long-term uptrend curve.
He added that the uptrend is not yet confirmed as Bitcoin has not broken above the upper end of the range near $70,000, and that the next move depends on a breakout and market momentum.

Forecast Trend Report by Period

Veteran trader Peter Brandt, known for accurately calling Bitcoin’s (BTC) 2018 crash, has pointed to the potential for further gains ahead.

According to crypto-focused outlet U.Today on the 10th, Brandt said in a recently released analysis of Bitcoin’s long-term chart that “a substantial portion of selling pressure has been exhausted following the sharp decline in late January and early February this year,” adding that “the market is showing a gradual basing process within a volatile range-bound phase.”

He explained that “rather than a sharp V-shaped rebound, Bitcoin is building a base in the form of a gentle rising channel,” and that “even during the recent pullback, the price reached precisely the lower support zone of the long-term uptrend curve.”

Brandt analyzed that “this support zone has historically acted as a floor before the start of major rallies,” and that “the current short-term basing process is unfolding above the long-term support line.”

He cautioned, however, that “Bitcoin is still in the phase of testing the upper end of the recent range near $70,000, so the uptrend has not been confirmed,” adding that “whether it rises further will depend on a breakout of this level and market momentum.”

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