Analyst Peter Brandt, who is famous for his accurate approaches in the Bitcoin and altcoin world, is making important statements today. Accordingly, Peter Brandt rejects Bitcoin’s “mega chart pattern” speculation. Let’s look at the details.
Experienced trader Peter Brandt’s view on Bitcoin
Famous trader Peter Brandt has debunked the idea of a mega chart pattern emerging on the Bitcoin chart. This was in response to a Bitcoin analysis shared by a user named “Northstar”, which suggested that Bitcoin may have formed a significant bearish ascending wedge over the last 12 years. Peter Brandt highlights the criteria for a rising wedge.
Why not?
— Travertina (@functionchecked) September 10, 2023
Brandt was quick to challenge this point of view. He also emphasized that the observation did not meet the rising wedge criteria. According to him, a true ascending wedge requires an overlap between intermediate highs and lows. In this context, Brandt suggests that the rising wedge is a component of Bitcoin BTC’s price trend rather than a different formation.
Rising wedges in bear markets
Rising wedges are a common technical indicator in bear markets. As prices follow an upward trend, the pivot top and bottom points converge at a single point, known as the peak, creating this formation on the chart. When combined with falling volume, a rising wedge can signal that a bear market is continuing.
The wedge formation is widely known among traders. However, there may be fake formations that imitate rising wedges. Investors should be careful with these approaches, as deceptive formations may also emerge.
Increase in Bitcoin’s new daily addresses
As Kriptokoin.com, we included in our news, an important development occurred over the weekend. On-chain analysis firm IntoTheBlock has revealed a significant development in the Bitcoin network. It was among the highlights that Bitcoin reached the highest number of new daily addresses since 2017. On the other hand, it was reported that Bitcoin BTC marked the second highest figure since its establishment.
This weekend, Bitcoin recorded the highest number of new daily addresses since 2017, ranking second highest in history! pic.twitter.com/U4LcyEXfD7
— IntoTheBlock (@intotheblock) September 11, 2023
As noted by cryptocurrency analyst Ali, new daily BTC addresses rose to a yearly high of 527,000 over the weekend. Despite stagnant trading activity, this increase shows that interest in BTC is increasing. In addition, increased participation is indicative of the enduring appeal of the network. On the other hand, it can also be interpreted as proof of its reliability. On the other hand, while writing the article, an important movement has occurred in Bitcoin. Bitcoin is now below 25 thousand dollars. It was also stated today that the $ 25,250 level was a death cross.
