CandleFocus Legendary Analyst Brandt Spots Bearish Bitcoin Signal but Longs BTC with $150K Target
2024-10-23
Author: Content Editor
Legendary trader Peter Brandt has discussed Bitcoin's current price action, highlighting a risky bet on an uptrend despite a bearish signal. He identifies a seven-month inverted expanding triangle formation, which is typically a bearish signal. Despite this, Brandt is currently long on Bitcoin and has set a target of $150,000 for Bitcoin by September 2025. However, Bitcoin has failed to hit $70,000, and a correction phase is currently in progress. Brandt also states that trend lines in technical price chart analysis are essentially worthless and that the true value of price charts lies in risk management and identifying asymmetric trading opportunities.
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