Legendary Trader Peter Brandt Identifies 'Very Reliable' Bitcoin Pattern as $90,000 Resistance Weakens

Legendary Trader Peter Brandt Identifies 'Very Reliable' Bitcoin Pattern as $90,000 Resistance Weakens

Summary: Legendary trader Peter Brandt has analyzed Bitcoin's recent price movements and identified a significant head-and-shoulders pattern in its price chart. As Bitcoin struggles to maintain above the $90,000 mark, Brandt emphasizes the importance of watching Bitcoin's behavior in this crucial price range.

Key Takeaways:

Peter Brandt recognizes a head-and-shoulders pattern in Bitcoin's four-hour chart.
Current resistance levels are between $93,000 and $94,000, with support around $85,000.
Bitcoin briefly surpassed $90,000 but could not maintain that level, highlighting market volatility.
Brandt suggests that Bitcoin's future movements depend on re-establishing support in the middle of its current trading range.

Bitcoin's Recent Price Analysis by Peter Brandt

Legendary trader Peter Brandt recently provided insights into Bitcoin's price action, focusing on its latest setup in the market. He pointed out a head-and-shoulders pattern on Bitcoin's four-hour chart, stating that these formations have proven to be "very reliable." This observation brings attention back to the pattern's significance as Bitcoin experiences more sideways movement rather than a strong trend.

Currently, Bitcoin remains trapped within a defined range on higher time frames: resistance is identified between $93,000 and $94,000, while support is noted around $85,000. The price was lingering below a dotted midrange marker, accompanied by a rising diagonal line, indicating potential bounce or decline points.

BTC/USD Chart by TradingView

In a related discussion, another trader assessed Bitcoin's trajectory as either breaking down from an ascending triangle—suggesting a bearish reversal—or oscillating within an accumulation range, both interpretations point to "somewhat logical" levels on the chart.

In the following price movements, Bitcoin displayed what many traders find frustrating: mixed price action that stirs headlines. The BTC/USDT chart illustrated an initial surge followed by a swift drop to approximately $88,000. However, Bitcoin then made a significant recovery that saw it reach above $90,000—a weekly high—briefly during midday trading.

At the moment, Bitcoin is priced at around $89,956. This may appear as a modest daily gain, but it underscores a crucial point about the day's trading narrative: while Bitcoin managed to touch $90,000, it failed to hold that level for long.

Brandt's analysis emphasizes the importance of the next steps for Bitcoin. The structure's upward potential remains viable only if Bitcoin can reclaim its position in the middle of the current trading range and begin to re-test the upper resistance level again.