The veteran trader Peter Brandt just said that Bitcoin had formed a really rare megaphone pattern. Check out the latest reports about what this means.
Bitcoin forms megaphone pattern
According to the latest reports, it seems the veteran analyst and crypto trading legend Peter Brandt says that Bitcoin (BTC) is currently printing a structure that is seldom seen in any market.
Brandt, who it’s safe to say has a legendary reputation in the crypto space after nailing the collapse of BTC in 2017, says BTC is currently exhibiting inside a rare reversal pattern.
“This is called a megaphone or inverted symmetric triangle.”
As the online publication the Daily Hodl notes, has a megaphone pattern, which is also known as a broadening formation, is a bullish technical structure typically seen after a sharp downward move. The asset traditionally breaks out after the third attempt to breach the diagonal resistance.
Bitcoin and Ethereum to see massive rallies
According to the latest reports, it seems that the crypto analyst who nailed the current Bitcoin (BTC) bottom believes that the king crypto and Ethereum (ETH) are likely poised for more bursts to the upside.
Pseudonymous analyst DonAlt said recently on Twitter that the strong recovery of both Bitcoin and Ethereum to close the previous week is likely a signal that the leading crypto assets are gearing up for big rallies.
According to DonAlt, BTC and ETH “look ready to absolutely giga moon.”
Looking closer at Bitcoin, the crypto trader believes that BTC is primed to take out resistance at $24,300.
“Selling into the third test of $24,000? Nah thanks, I’d rather chance it.”
A couple of days ago, we addressed the fact that Bitcoin (BTC) is soaring as the Biden Administration races to prevent the collapse of Silicon Valley Bank from triggering a mass exodus at regional banks across the U.S.
“The U.S. Treasury Department is conducting a series of emergency meetings to determine whether it should ensure all depositors at SVB will be made whole after the bank’s sudden collapse,” reports the Washington Post.
