Brandt, an expert trader who has been operating in the financial markets since the 1970s, revealed what he identifies as an inverted expanding triangle pattern on the price chart of the major cryptocurrency.
Also known as the “megaphone,” the pattern suggests a test of its lower boundary at around $46,000 per BTC. For instance, Bitcoin is currently trading at $55,500, which means another 17% drop is possible if this pattern plays out.
This means that until the first cryptocurrency touches $74,000 per BTC, nothing will be granted to those who remain on the buying side. We are talking about a 32% upside before the tables turn for the bulls, which is double the target for Brandt’s megaphone pattern.
The trading veteran concludes his prediction by saying that the selling is stronger than the buying in this pattern. Just how strong it is will be seen in the near future.
This article was originally published on U.Today
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