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Bitcoin ($BTC) fell to the $70,000 level following negative news from the US-Iran front. The lack of positive developments between the two countries and the possibility of the ceasefire ending prematurely raises the risk of the $BTC price falling below $70,000 again.
At this point, expert analyst Peter Brandt warned investors, stating that Bitcoin’s current technical structure is not sufficient for a bull run.
Legendary analyst Peter Brandt, with 50 years of experience, pointed out that the $BTC structure has formed a “compound fulcrum,” based specifically on a copper chart from 50 years ago.
This pattern is generally described as a consolidation period following a downtrend, indicating that the necessary strength for an upward move is not yet present. The essence of this pattern is not a V-shaped recovery, but rather a long and painful bottom-forming process with breaks occurring in both directions.
At this point, according to the analyst, Bitcoin could retest the $60,000 level seen in February.
Therefore, Brandt leans towards a hard scenario, believing that Bitcoin needs to fall below $66,000 to begin a solid upward trend. Only after that could a secure momentum to surpass the $75,000 level emerge.
Finally, while technical analysis is important for Bitcoin, it’s crucial to remember that the cryptocurrency market can be rapidly affected by unexpected news, macroeconomic developments, and events.
Bitcoin is still trading at $70,800 at the time of writing.
*This is not investment advice.
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coindesk.com
u.today
coinfomania.com