CandleFocus Brandt Suggests Bitcoin Slump Could Be a Bear Trap, as Charts Point to $135K Price
2025-01-10
Author: Content Editor
Renowned market trader Peter Brandt believes that the recent drop in Bitcoin's price could be a bear trap rather than a sign of a prolonged bearish trend. He based his analysis on Bitcoin's historical behavior and the potential formation of a Head and Shoulders pattern on the daily chart. However, Brandt acknowledged that charts can be unreliable predictors of future prices and emphasized that their true value lies in timing trading opportunities. Analyst Nilesh Rohilla also presented his analysis, pointing to Bitcoin's recurring trends tied to events like the halving cycle and the U.S. presidential election. According to Rohilla's chart, Bitcoin could climb to $135,000 in the coming months, following similar historical trends. Brandt acknowledged Rohilla's analysis and agreed that Bitcoin often exhibits bear traps in its long-term uptrends. Consequently, he expects the corrective patterns identified by Rohilla's chart to materialize in August to September 2025. Currently, Bitcoin is trading at $93,984, down 2.77% in the last week.
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