Trader Peter Brandt recently shared an unusual chart pattern of Bitcoin that might indicate changes in its price movement. He analyzed a bear flag pattern on a three-day chart.
Chart Analysis of Bitcoin
Peter Brandt presented a chart that depicted a structure resembling a bear flag. However, when viewed differently, the chart appeared upside down. Instead of the expected further decline, Brandt indicates the possibility of price consolidation at support with potential for an upward push.
Current Price and Support Levels
Currently, Bitcoin's price is around $109,000, above a key support zone established since mid-June. Technically, such sideways movement following a strong increase often suggests a base formation before further upward movements.
Market Expectations and Possible Scenarios
If the current price range holds, Bitcoin could reach levels of $115,000 to $118,000. Conversely, a breakdown below the support zone could target around $98,000 to $100,000 per BTC.
Peter Brandt's analysis emphasizes the importance of careful chart examination when interpreting price patterns. Market expectations and perceptions can cascade into misunderstandings, but the current structure may indicate more than it appears at first glance.
