2024

Bitcoin

Coin

<ul class="wp-block-list news-points">
 <li><strong>Bitcoin’s megaphone pattern signals potential for significant price shifts, testing lower boundaries.</strong></li>
 <li><strong>Technical indicators show bearish momentum, with key resistance levels near $70K challenging bulls.</strong></li>
 <li><strong>Market sentiment remains cautious, with predictions of a drop below $50K reflecting trader uncertainty.</strong></li>
</ul>
<p>Bitcoin (BTC) is currently developing an inverted expanding triangle, also known as a megaphone pattern, according to crypto analyst Peter Brandt. This pattern, characterized by increasing volatility, often precedes major price shifts. Brandt cautions that if Bitcoin tests the lower boundary of this pattern, its price could plummet to approximately $46,000.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">This is called an inverted expanding triangle or a megaphone. A test of the lower boundary would be to 46,000 or so. A massive thrust into new ATHs is required to get this bull market back on track <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a><br>Selling is stronger than buying in this pattern <a href="https://t.co/ekDZUJXXgd" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/ekDZUJXXgd</a></p>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1831778258607862057?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 5, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>However, to reignite a bull market, a powerful surge beyond previous all-time highs is necessary. The pattern suggests that selling pressure currently outweighs buying interest.</p> … 
<p>The post <a href="https://coinedition.com/bitcoin-forms-ominous-megaphone-pattern/" rel="noopener noreferrer nofollow">Bitcoin Forms Ominous ‘Megaphone’ Pattern</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.</p>

Bitcoin Forms Ominous ‘Megaphone’ Pattern

Coin Edition

Other articles published on Sep 6, 2024

Ripple Slams SEC: The Term ‘Crypto Asset Security’ Has No Legal Basis

FTX Bankruptcy Plan Faces Scrutiny as SEC Questions Stablecoin Payments

Bybit’s Latest Analytics Report Highlights Market Stability Amid Macro Events

Ripple’s Chris Larsen backs Kamala Harris for U.S. president

How To Cashout CS2 Skins With Cryptocurrencies

Haru Invest CEO Stabbed During Court Hearing in South Korea

Join our free newsletter for daily crypto updates!