Peter Brandt, a seasoned commodities trader, suggests that the recent surge in Bitcoin has significant ramifications. The market put many Bitcoin holders’ trust to the test during the last day, as the price of the cryptocurrency fell precipitously from over $96,000 to below the psychologically significant $90,000 threshold. However, the asset recovered even more quickly, thus the decline was just temporary. Bitcoin price action As one seasoned trader recently suggested, the probably has significant ramifications.
Bullish and Bearish Scenarios
Peter Brandt, an experienced commodities trader, has alluded to the significant ramifications of Bitcoin’s recent surge. Brandt claimed that the price action was significant in reaction to a Cheds Trading X post on Tuesday, January 14 that highlighted the asset’s sweep of the lows below support and the recapture of the level. He has frequently praised a head-and-shoulders pattern on the asset’s daily candle chart in recent weeks,
Which is why he commented. Brandt claimed that the pattern presented three potential possibilities on Sunday, January 12. Bitcoin price action These alternatives included either failing and ending in a bear trap that would complete the “hump slump,” a corrective pattern Brandt has emphasized Bitcoin frequently repeats in parabolic surges or finishes the pattern with a drop to $75,000. Meanwhile, he pointed out that the
Bitcoin’s Bullish vs Bearish Scenarios
Brandt stated on Monday, January 13 that the price of Bitcoin might move in two different directions based on how it responded at the $90,000 support level, with a bull case of roughly $116,500 and a bear case of roughly $74,000.As of this writing, Bitcoin has gained around 2% in the last day and is currently trading just below the $95,000 price point after yesterday’s rebound.
The seasoned trader may now be more inclined than ever toward the second alternative in light ofBitcoin price action Monday’s price action. Bears have undoubtedly suffered large losses as a result of the market’s recent recovery according to CoinGlass statistics, short sellers have lost an incredible $133 million over the last 12 hours, while long sellers have only lost roughly $16 million.
Bitcoin Surge Breaks Head Shoulders Pattern
Peter Brandt, an experienced commodities trader, recently discussed Bitcoin’s price movement, particularly focusing on the head-and-shoulders pattern he had identified on the asset’s daily chart. Bitcoin price action This pattern suggested three potential outcomes: a bearish scenario leading to a drop to $75,000, and a bear trap completing.
A hump slump, or a more positive outcome. However, Brandt noted that the recent price action, particularly Bitcoin’s recovery and its breach of the lows below support, invalidated this head-and-shoulders pattern. As Bitcoin surged, it challenged the bearish expectations, leaving traders questioning whether the bearish forecast would still materialize.
Summary
Expert commodities trader Peter Brandt examined recent Bitcoin price changes and pointed up important ramifications. Investor confidence was put to the test by Bitcoin’s swift recovery after falling below $90,000. On the daily chart, Brandt had previously seen a head-and-shoulders pattern that indicated three possible outcomes: a bear trap, a decline to $75,000, or a more bullish situation.
Bitcoin price action The recent spike, however, disproved the pattern and cast doubt on bearish predictions. Bitcoin’s reaction at the $90,000 support level, according to Brandt, could result in either a bearish collapse or a bullish climb to $116,500, with short sellers suffering large losses in the current recovery.
