Bitcoin (BTC).*** recently rose above $86,000 for the first time since U.S. President Donald Trump announced reciprocal tariffs earlier this month.
However, BTC could not maintain these gains and pulled back to $ 83,800 levels.
Although this exit of Bitcoin gives hope to investors, legendary analyst Peter Brandt said that the rise in Bitcoin does not convince him and is not a signal of a return.
I'm Not Convinced!
Peter Brandt, an analyst with 50 years of experience, shared his new analysis on the current state of Bitcoin.
Commenting on Bitcoin's recent breakout above $86,000, the analyst pointed out that Bitcoin broke through the downtrend line that limited its rise throughout January, February, and March.
Although there is a bullish sentiment in the market with the recent rise, the analyst stated that one should not get hopeful about Bitcoin's recent price movement.
Stating that the recent rise in Bitcoin does not indicate a price reversal trend, the analyst addressed "amateur chartists" in his post and said:
"A lot of amateur chartists notice this trend line.
Of all the chart structures, trend lines are the LEAST important.
The recent trendline breach on the Bitcoin chart does not indicate that the trend has changed. I'm sorry"
According to Brandt, the $88K resistance level needs to be broken and consistently close above the Bitcoin price to confirm a successful reversal of the market correction since the beginning of the year.
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Legendary Analyst Warns About Bitcoin (BTC) Price! "The expected signal has not yet arrived!"
Bitcoin (BTC).*** recently rose above $86,000 for the first time since U.S. President Donald Trump announced reciprocal tariffs earlier this month.
However, BTC could not maintain these gains and pulled back to $ 83,800 levels.
Although this exit of Bitcoin gives hope to investors, legendary analyst Peter Brandt said that the rise in Bitcoin does not convince him and is not a signal of a return.
I'm Not Convinced!
Peter Brandt, an analyst with 50 years of experience, shared his new analysis on the current state of Bitcoin.
Commenting on Bitcoin's recent breakout above $86,000, the analyst pointed out that Bitcoin broke through the downtrend line that limited its rise throughout January, February, and March.
Although there is a bullish sentiment in the market with the recent rise, the analyst stated that one should not get hopeful about Bitcoin's recent price movement.
Stating that the recent rise in Bitcoin does not indicate a price reversal trend, the analyst addressed "amateur chartists" in his post and said:
According to Brandt, the $88K resistance level needs to be broken and consistently close above the Bitcoin price to confirm a successful reversal of the market correction since the beginning of the year.