bullish

2024

Bitcoin

Drops

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Veteran trader <a href="https://x.com/PeterLBrandt/status/1826013246664618227">Peter Brandt</a> has released an important update to his view on the Bitcoin price today. Specifically, the skilled speculator of financial assets &nbsp;pointed out that <a href="https://u.today/legendary-trader-behind-big-bitcoin-short-has-new-warning-for-bulls">Bitcoin (BTC)</a>, and <a href="https://u.today/ethereums-buterin-makes-mysterious-1-million-transfer">Ethereum (ETH)</a> are showing well-known technical formations.&nbsp;
Thus, for the first cryptocurrency, Brandt observes a “megaphone” or “expanding triangle” pattern on the weekly and daily charts. These formations usually indicate expansive price swings in both directions, which often precede a decisive breakout or breakdown out of the range.&nbsp;
However, he notes that a clear trend has yet to emerge for <a href="https://u.today/mt-gox-makes-massive-bitcoin-transfer">Bitcoin</a>, and the lookout for further developments is needed before making any substantial investment decisions.
<blockquote>
 Charts of continuing interest are Bitcoin and Ether.Weekly and daily graphs continue to form a megaphone or broadening triangle pattern in BTCNo declaration of next trend yet <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a><a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> will remain defensive unless/until close above 3050 occurs <a href="https://t.co/aEESwhX5oC">pic.twitter.com/aEESwhX5oC</a>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1826013246664618227?ref_src=twsrc%5Etfw">August 20, 2024</a>
</blockquote> 
It's interesting to note that when the veteran trader was then asked about what would signal a resumption of Bitcoin's long-term uptrend - a breakout above the diagonal resistance line or breaking the horizontal line at the $74,000 level - he dismissed the relevance of diagonal resistance, saying he doesn't factor it into his analysis.
Suming up, Peter Brandt thinks that Bitcoin will keep on moving in a pretty wide range, which is likely to expand further until it breaks out of one of those boundaries. We're probably going to see more volatility, too, along with a lot of dramatic price pertrubations.&nbsp;
<h2 dir="ltr" id="ethereum-eth-price-outlook">Ethereum (ETH) price outlook</h2>
As for <a href="https://u.today/shiba-inu-shib-lowest-level-in-2024-whats-happening-xrp-secures-golden-cross-ethereum-eth-takes">Ethereum</a>, here Brandt notes that the altcoin remains on the defensive. He believes that the major altcoin will not signal bullish strength until it closes above the critical $3,050 level. Apparently, according to Brandt, until that happens, a bearish bias prevails for the price of ETH.&nbsp;
It's worth mentioning that the veteran trader's previous outlook on altcoin included a short set-up with targets of $1,641 per ETH.

Trading Veteran Peter Brandt Drops Must-See Bitcoin Price Update

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