Gate News Report, March 16 — Renowned trader and chart analyst Peter Brandt released a technical analysis chart of Bitcoin this morning, marking a “trumpet” pattern on the BTC daily chart. Peter Brandt successfully predicted the Bitcoin crash in 2018.
The “trumpet” pattern originates from Richard Schabacker’s 1934 book “Technical Analysis and Stock Market Profits” and is a type of H-shaped expansion pattern, often indicating a reversal or breakout. According to Peter Brandt’s chart, after Bitcoin’s decline in February, the price formed a converging pattern (similar to a curved trumpet opening narrowing and accelerating upward), suggesting the price will rise rapidly to a peak, followed by a possible short pause.
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