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Peter Brandt, considered by many to be a legend and veteran trader on the financial markets, has broken his silence on the price action of the major cryptocurrency, Bitcoin (BTC).
Specifically, Brandt's attention has been drawn to the controversy surrounding a possible bull flag forming on the BTC price chart. The controversy was sparked by the fact that Brandt once claimed that this pattern could not be as long as it is now on the cryptocurrency's chart.
Looking at Bitcoin's price movement, we can see how a possible bull flag started to form in March 2024, after reaching a new all-time high, and continues to form until now, i.e., for the sixth month in a row.
@PeterLBrandt shared an except from a classical charting book that says a bull flag can't go on for this long.
— Colin Talks Crypto 🪙 (@ColinTCrypto) September 24, 2024
According to Brandt, a bull flag cannot take that long to form, as one of the disputants mentioned. Here, the trader himself entered the debate and said that it was true.
However, Brandt clarifies that this formation could be a bearish channel that, once violated, could resume a longer-term bullish trend.
This statement makes it irrelevant whether the formation on the Bitcoin price chart is a bullish flag or just a bearish channel where the price is going down. Success for bullish traders depends on whether BTC can overcome the upper boundary of the range it has been trading in for the past six months.
Currently, this dynamic resistance is around $68,500 - less than 10% away from the current Bitcoin price.