Peter Brandt Spots Risky Bitcoin Pattern as Bulls Battle $80K Line

Peter Brandt identified an inverse Head and Shoulders pattern that may be undergoing a retest.
Bitcoin surged above $82,000 after a sharp drop triggered by macroeconomic developments.
The tariff reversal announced on April 9 helped spark renewed investor interest in Bitcoin.

The recent price movement of Bitcoin created a fresh analysis debate among experts who noticed a significant trend, according to Peter Brandts evaluation. Brandt thinks the present price movement indicates a traditional reverse Head and Shoulders (H&S) retesting pattern. Due to volatility, the market observes upcoming significant price movements through both a bearish and bullish lens.

Bitcoin Breaks Support, Then Rebounds Above $82,000

Bitcoin encountered notable price shifts in that week as its parabolic trajectory applied multiple times based on the evaluation of Peter Brandt. Brandt showed Bitcoin reached the November 2022 starting point of its parabolic long-term advance minimum of seven times throughout its upward climb. The important macroeconomic policy event sent the price above $82,000, although there was a brief period of price decrease.

The price jumped following the April 9 announcement about tariff reversal, which consequently pulled in additional investors who pumped market funds. Bitcoin developed a temporary support point at $80,000, which provided an upward growth base for investors. The market sentiment constantly shifts between bullish and conservative behaviors, which causes high price volatility.

According to Brandt, the technical evaluation shows that Bitcoin will reassess its completed H&S formation starting in November 2024 before achieving its price peak. Continuous trendline breaks invalidate the typical bullish continuation interpretation normally associated with this chart pattern. Market participants evaluate this pattern since it shows potential future upward price movement and brief market stabilization.

Peter Brandt Sees Bitcoin Trend Weakness

Peter Brandt avoided giving fresh price predictions because the market violated its parabolic trendline continuously since late 2022. A chart from his analysis shows that such continued violations reduce the strength behind the existing bull market advance. The existing historical pattern continues to display characteristics which agree with Bitcoin standard cycle movements.

Source; X

Brandt issued his previous forecast during the time Bitcoin achieved its highest value of $109,000, which indicated a potential market decline in the following period. BTCs short-term price movement remains uncertain because analysts cannot determine if its market assessment has shifted since its initial announcement. The market exhibits two different perspectives: one group predicts price stabilization, and another group expects a new upward movement under suitable circumstances.

New buying momentum must rise to maintain the current chart structure before bullish signals become established. The BTC price movement close to the $80,000 support area needs extensive investor observation. Brandts warning presents a warning signal, but it does not totally eliminate the possibility of an additional price recovery.

Text source: TronWeekly

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