Bitcoin: No Breakout, No Trade, Says Peter Brandt
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Story Highlights

Peter Brandt says Bitcoin (BTC) is in range bound and noted that “No Breakout yet so no trade.”

Based on historical price momentum, Bitcoin could reach the $67,700 level in the coming days.

Traders have liquidated a significant $205.86 million worth of short and long positions.

In the ongoing volatile cryptocurrency market, traders have liquidated a significant $205.86 million worth of short and long positions within just 24 hours. This likely occurred as Bitcoin the world’s biggest cryptocurrency, experienced significant price fluctuation between $60,500 and $58,000 level.

Peter Brandt’s Strategy 

Amid these notable ups and downs, Peter Brandt, a veteran trader and chartist made a post on X (previously Twitter) stating that Bitcoin (BTC) is in range bound and noted that “No Breakout yet so no trade.” This post on X has gathered massive attention from the crypto community. 

In his post, Peter shared his perspective on charting, stating “I trade set-ups via classical charting principles. I avoid trades when price is range bound. My entry is on completed patterns.”

Bitcoin’swhat  Chart Analysis

As of now, BTC has been moving in a descending channel pattern since March 2024. In this pattern, mostly range-bound traders participate by buying at support and selling at resistance levels. However, based on Peter’s recent post, it appears that he is a breakout trader. 

According to historical data or price action, whenever an asset’s price moves within a range for an extended period, it is often considered as a preparation for a significant upside rally. However, BTC has been in range bound for approximately 3 months.

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