Analyst Peter Brandt finds similarities in the current BTC chart with the events of 2019

According to him, the pattern formed on the price chart is major for the first cryptocurrency

20.02.2023 - 08:15

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The material is not an investment recommendation and is published for information purposes only.

What’s new? Analyst Peter Brandt said that the pattern formed on the bitcoin price chart reflects major reversal points in the rate of the asset. So he commented on a tweet of a user under the nickname HTL-NL, who called this pattern “bottom structures.” Brandt specified that such patterns are called “price walls.” Previously, such a pattern was observed in 2019. As of February 20, 08:00 UTC, BTC is trading at $24 513, down by 0,34% in 24 hours, according to Binance.

These are called price walls and typically represent MAJOR turning points https://t.co/J12cxGezrv — Peter Brandt (@PeterLBrandt) February 17, 2023

What else is known? In the image, order volume forms a “wall” when plotting against the value, which can be interpreted as a price point with a large number of buy/sell orders for the asset.

Who is Peter Brandt? He is a cryptocurrency analyst and trader who has been working in the financial markets for more than 40 years. He is the creator of Factor Trading, a service that provides expert reports and analysis of asset value charts.

Earlier, Brandt called one of the most common mistakes made by novices in the field of crypto trading. It lies in the assumption that an end of a bear phase is itself a signal for the beginning of a bull market. In January, he speculated that BTC could rise above $30 000 by the second quarter of 2023 as part of an “inverse head and shoulders pattern” and he also predicted the asset would reach $175 000 by 2025.

That same month, Brandt stated that a “double-walled fulcrum” pattern indicates that the first cryptocurrency has reached the bottom. According to the analyst, the breakout from this pattern will lead to growth above $25 000.

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