Bitcoin’s megaphone pattern signals potential for significant price shifts, testing lower boundaries.
Technical indicators show bearish momentum, with key resistance levels near $70K challenging bulls.
Market sentiment remains cautious, with predictions of a drop below $50K reflecting trader uncertainty.
Bitcoin (BTC) is currently developing an inverted expanding triangle, also known as a megaphone pattern, according to crypto analyst Peter Brandt. This pattern, characterized by increasing volatility, often precedes major price shifts. Brandt cautions that if Bitcoin tests the lower boundary of this pattern, its price could plummet to approximately $46,000.
This is called an inverted expanding triangle or a megaphone. A test of the lower boundary would be to 46,000 or so. A massive thrust into new ATHs is required to get this bull market back on track $BTC
Selling is stronger than buying in this pattern pic.twitter.com/ekDZUJXXgd
— Peter Brandt (@PeterLBrandt) September 5, 2024
However, to reignite a bull market, a powerful surge beyond previous all-time highs is necessary. The pattern suggests that selling pressure currently outweighs buying interest.
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