Economist and author Peter Brandt, who stated that he has been trading on the stock market as a trader since 1975, explained his expectations for Bitcoin (BTC) and Ethereum (ETH).
The analyst, who has 50 years of experience, first discussed Bitcoin. Brandt stated that Bitcoin is still in the consolidation phase.
Bitcoin's Direction Not Clear Yet!
As Bitcoin continues to struggle towards $60,000, Brandt stated that there is no clear trend yet.
Noting that the weekly and daily Bitcoin charts form a megaphone or expanding triangle formation, the analyst indicated that the upper limit of this pattern is located near the ATH level of $73,835.
According to Brandt's chart, at the lower limit, support is constantly formed between $52,000 and $55,000, preventing significant declines.
What is the “Megaphone Formation”?
The “Megaphone Pattern” is a pattern that usually means that the market is quite volatile and traders are unsure of the market direction.
The megaphone formation is also known as an expanding formation due to the way it is formed.
High volatility and large movements with unclear direction are seen in the asset where this formation is seen.
Accordingly, the experienced analyst thinks that Bitcoin will continue to move between the trend lines in this formation and states that the direction in BTC is not clear yet.
According to this formation, BTC needs to break the upper trend line upwards in order to continue its upward movement.
What is the Latest Situation in Ethereum?
Peter Brandt has made many negative comments about Ethereum and likened it to garbage.
The analyst, who thinks that the Ethereum price needs to break $3,050 for it to start rising, said that ETH will remain defensive until a close above $3,050 is achieved.
Charts of continuing interest are Bitcoin and Ether.
Weekly and daily graphs continue to form a megaphone or broadening triangle pattern in BTC
No declaration of next trend yet $BTC$ETH will remain defensive unless/until close above 3050 occurs pic.twitter.com/aEESwhX5oC— Peter Brandt (@PeterLBrandt) August 20, 2024
*This is not investment advice.
