Bitcoin price update by Peter Brandt notes lower highs and expanding triangle pattern, with $49k support.

From Investing.com

September 27, 2024 3:00:21 pm:

Renowned trader Peter Brandt provided an update on Bitcoin’s price action, noting the cryptocurrency’s pattern of lower highs and lows. BTC needs to break July’s $70,000 high to break this pattern, despite gaining 12% since September. Brandt emphasizes an expanding triangle or megaphone pattern indicating increasing volatility, with $49,000 as a key support level.

At the time of Brandt’s evaluation, Bitcoin stood at $63,695; within 24 hours, the price surged to $66,200, sparking speculation on its impact. While Bitcoin needs to surpass $70,000 to validate a bullish trend, the megaphone pattern remains influential. Traders must monitor if BTC maintains a sturdy position above crucial support levels.

Read more at Investing.com: Expert Trader Peter Brandt Delivers Important Bitcoin Price Update By U.Today