Brandt explains the significance of Bitcoin’s price walls.
Veteran trader Peter Brandt has asserted that Bitcoin is at a turning point.
Brandt made this known in a tweet yesterday in response to an analysis from @htltimor. According to the classical chartist, Bitcoin has formed “price walls” indicative of “MAJOR Turning points.”
These are called price walls and typically represent MAJOR turning points https://t.co/J12cxGezrv
— Peter Brandt (@PeterLBrandt) February 17, 2023
Notably, @htltimor compares Bitcoin’s current price action to the beginning of its 2019 bull run, asserting that we are currently in a bottom structure.
Recall that in the first half of 2019, the leading digital asset tripled in price, taking many market participants by surprise. Superimposing the market’s current phase with the 2019 bull run stage identified by @htltimor and expecting the same results, the asset could double in price in the next two months.
Meanwhile, Brandt has identified Bitcoin’s current structure before. As reported, the veteran trader defined the bottom price structure as an “extremely rare double-walled fulcrum” chart pattern. As explained in the previous report, a fulcrum is similar to a double-bottom or double-top chart pattern, indicating a potential reversal.
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At the time, the veteran trader asserted that the immediate target of the chart pattern was $25,500, noting that failure to clinch this price quickly could see the asset retest the fulcrum, which lies around the $15k price point.
Notably, the asset came close to the projected target this week, breaking above the $25k price point for the first time since August last year. However, following a significant drop on Thursday, the asset is now trading around the $24,500 price point with short-term resistance around the $24,771.89 price point.
At the time of writing, Bitcoin is up 3.69% in the last 24 hours.
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