Veteran trader Peter Brandt stated in a post that Bitcoin has reached the model target it has established since July.
As the consolidation period comes to an end, there is a rapid increase in market trading volume and volatility. Stating that one of the biggest positions he held in early August was Bitcoin, Peter Brandt also shared analysis about Bitcoin.
Peter Brandt: Bitcoin Captures Wedge Pattern
Peter Brandt, sharing on Twitter, said that Bitcoin has caught the wedge model that it started to form since July.
For all practical purposes the target of the rising wedge in Bitcoin $BTC has already been met. That is not a reason per se to be bullish and it does not mean BTC cannot go lower yet pic.twitter.com/fB3sGa9e6o
— Peter Brandt (@PeterLBrandt) August 20, 2022
In July, experiencing a massive 25 percent drop, Bitcoin formed a rising wedge pattern that often acts as a cooldown pattern.
Stating that Bitcoin has reached its goal, Brandt shared the analysis in his tweet; He also said that price performance does not mean that the market will rise excessively, nor does it mean that BTC will not fall further.
According to the trader, who said that despite losing more than half of its value in recent months, Bitcoin is still one of the largest positions, the wedge pattern target has been achieved. This means that Bitcoin has been moving regardless of the pattern that has been in the market for the past few weeks.
