Bitcoin’s price movement has been a point of contention among many, but almost all, cryptocurrency analysts I can agree that this is a further solution it’s upstairs. One of them is the recent conversation about Bitcoin’s price structure on social media platform X, where legendary trader Peter Brandt finally shared his expertise to clarify the matter. According to Brandt, Bitcoin’s current price pattern does not resemble a bull flag, which signals a continuation of the uptrend, but crypto sentiment remains largely bullish.
Bitcoin Bull Flag Pattern?
Despite differing opinions, most analysts seem to agree that long-term prospects for Bitcoin remains positive, with many believing there will be a surge soon. Recently, a Bitcoin trader known as SilkoSpots on the X social media platform shared a Bitcoin chart highlighting the bull flag pattern on the BTC price action.
According to the trader, Bitcoin’s price has been following a bull flag pattern since the beginning of the year. Specifically, the bull run began in October 2023, and the flag is forming from Bitcoin’s all-time high in March 2024. Therefore, the cryptocurrency only goes through an extended period of consolidation, which is typical of a bull flag, before raising its leg again.
However, not everyone agrees with this interpretation. Another cryptocurrency analyst, ColinTCrypto, raised concerns about the validity of this bull flag pattern. He was referring to veteran trader Peter Brandt, who has long been an authority on technical analysis. Brandt’s key criticism is that the bull flag cannot take that long to develop.
According to Investopediabull flags usually resolve themselves one way or another in less than three weeks. If the price action drags on for a longer period of time, it will often transform into another pattern, such as a rectangle or triangle.
Peter Brandt, repeating his earlier observations, confirmed that the legal bull flag pattern could not extend for such a long period. Nevertheless, Brandt noted that “a bear channel, once breached, could resume a long-term uptrend.” As such, Brandt also appears to believe that Bitcoin is on track to start another uptrend.
What’s next for BTC?
Bitcoin appears to be on a fleeting hiatus after a significant rally that saw its price rise 22% from a low of $52,825 on September 6 to a high of $64,630 on September 25. According to chart analysis by Peter Brandt, For the past six months, BTC has largely been in an expanding triangle with a series of lower highs and lower lows.
In the long term, To complete this pattern, Bitcoin needs to close above the July high of $70,162 resume full uptrend. At the time of writing, BTC is trading at $63,780, or about 10% from this price level.
Featured image created with Dall.E, chart from Tradingview.com
