u.today
Skilled old school commodity trader Peter Brandt, who often shares charts on Bitcoin and seldom mentions other cryptocurrencies, has offered an explanation of the current situation in the Bitcoin market and the jumps of volatility demonstrated by the flagship cryptocurrency.
“BTC is in broad congestion zone”
Brandt believes that Bitcoin at the moment is not in the bull market that began in February this year, when it started climbing above the previous all-time high of $20,000.
According to the guru trader, the world’s leading cryptocurrency is in a broad congestion zone right now that starts at the highs reached in February.
Back in that month, Bitcoin was trading between the $36,000 level and the $54,000 area. On February 21, BTC reached a peak of $57,719 and then dropped to $43,694 on February 28.
Trading in congestion zones based on FOMO, Brandt added, can be a costly pastime.
Bitcoin is not in a bull market that started at Feb low. Rather, $BTC is in broad congestion zone commencing at Feb highs. FOMO trading in congestion zones can be an expensive hobby. pic.twitter.com/xBoI1dxNMU
— Peter Brandt (@PeterLBrandt) September 13, 2021
Guess what? – a pattern on Bitcoin chart
Earlier today, Peter Brandt shared a screenshot of a Bitcoin chart and offered his numerous followers to guess what pattern is forming on the BTC graph now.
Some suggested that this might be a Bear Flag or a “golden cross pullback” but none of the commenters seem to have got it right.
Peter Brandt did not comment to provide the correct answer to his riddle.