Veteran trader and Factor Trading founder Peter Brandt said that apex cryptocurrency Bitcoin’s BTC/USD recent price action is similar to its market structure in April 2019 before a huge rally.
What Happened: Brandt said on Twitter that Bitcoin’s current pattern — called an ascending triangle — is similar to the structure almost three years ago, when Bitcoin bottomed out at $3,500 before seeing a sharp rally.
Brandt also noted there could be a “real possibility” that Bitcoin’s price action could follow a chart posted by pseudonymous cryptocurrency analyst dave the wave. This analyst expects Bitcoin to rally towards its all-time high of $69,000.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Bitcoin has broken out of a classic ascending triangle pattern and may be forming a new uptrend, as per Benzinga’s Mark Putrino.
Ascending triangles are often called continuation patterns since the price will typically break out in the same direction as the trend that was in place just prior to the triangle forming, according to Investopedia.
Bitcoin soared past the $46,000 mark for the first time since Jan. 5 last Sunday after fluctuating between about $33,000 and $45,800 since the start of this year.
, the cryptocurrency is down 31.1% from its all-time high of $68,789.63 touched in Nov. 10, 2021.
Price Action: Bitcoin is up 0.7% to $47,462.25, according to data from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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