Legendary trader Peter Brandt highlighted crucial time frames for Bitcoin holders, suggesting February 24 to 26 could be pivotal for the market.
Peter Brandt's Observations
Peter Brandt pointed out an internal symmetry on the Bitcoin chart that could be significant in the coming days. He wrote: 'While not required, there is a tendency for the most reliable chart construction to have internal symmetry or balance between components. The daily chart of Bitcoin has developed that symmetry. Look for Feb 24-26 to be telling for Bitcoin.'
Current Bitcoin Situation Analysis
Bitcoin is currently awaiting its next major move, trading steadily between $93,000 and $98,000. After its second attempt to break above $105,000 in late January, the market has entered a phase of contraction. Nevertheless, Bitcoin holders are closely watching the upcoming period suggested by Brandt for potential changes in market dynamics.
Comments from Fed and Exchange News
Bitcoin rose by 0.78% to $98,553 following comments from Fed representatives on economic plans. Additionally, news that the SEC is set to drop the lawsuit against Coinbase could have a positive impact on the entire cryptocurrency market. Alberto Musalem from the Federal Reserve Bank of St. Louis and Raphael Bostic, President of the Atlanta Fed, shared similar optimistic views regarding monetary policy prospects.
Peter Brandt's observations add intrigue to Bitcoin's dynamics in February. The upcoming period could be a significant phase for cryptocurrency holders, drawing increased attention from traders and analysts.
