Veteran trader Peter Brandt believes that Bitcoin (BTC) will soon see the $50,000 mark.
Brandt they tell us his 1 million followers on X that Bitcoin is making an expansion of the triangle pattern on the chart for the day and lower than 14% of its current price.
In technical analysis, it is the extension of the triangle pattern, which is also known as the megaphone, and it is bullish when the pattern breaks above the upper limit and bearish when the pattern breaks below the lower limit.
Brandt says,
“This is called an expanding triangle. An expanding triangle is very common in Bitcoin. They are also reliable. The purpose of an expanding triangle is the expected height from a breakout. A return above $75,000 would change my analysis.”
Looking at his chart, Brandt thinks Bitcoin will hit the $56,000 level.
However, the trader is a researcher known as DonAlt they believe Bitcoin will never return to $50,000.
“I went in denial, denial denial. However it seems the same to me as it has been for months now. We could see us going back to the $60,000 support because Saylor found a problem selling the button but he would be surprised by the details.
Assessor he says that they will turn to Bitcoin if BTC regains the $71,000 level as support.
I will buy better if we close this week above $71,000.
Bitcoin is trading at $65,587 at the time of writing, down 2.5% on the day.
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