Is Bitcoin Following 'Textbook' Pattern? Peter Brandt Says Yes
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In a recent tweet, veteran trader Peter Brandt clears up a misconception about the first and largest cryptocurrency by market capitalization, BTC.
He addresses his post to those in the crypto community who believe that charting does not work on crypto assets such as Bitcoin.
Brandt says that he finds it amusing when he reads on X chatter that charting does not work on an asset like Bitcoin. The veteran trader dismissed this claim in his tweet, noting that Bitcoin obeys the rules of classical charting even better than most markets.
"Actually, Bitcoin obeys the rules of classical charting (Schabacker, Edwards/Magee) better than most markets," Brandt said.
Brandt, a veteran trader with over 40 years of experience on the markets, stands to be in a better standing to make such deductions.
Brandt nailed Bitcoin's price drop when he predicted in January that Bitcoin would go to $58,000 to $62,000. In a tweet on Jan. 19, Brandt wrote that "$58,000 to $62,000 is where i think it is going BTC."
This played out when Bitcoin fell from $97,000 in January to reach $60,000 in February. At the time of writing, BTC was down 5.57% in the last 24 hours to $65,828 and down 6.25% weekly.
The majority of cryptocurrencies are trading in the red on a daily and weekly basis. Rising U.S. Treasury yields and a stronger dollar have weighed significantly on risk assets, including cryptocurrencies and crypto-related equities.
The recent market decline has seen $469.22 million in long bets liquidated, while shorts came in at $45.52 million, totaling $514.77 million.
Bitcoin price
Bitcoin has continued to trade between $60,000 and $75,000 in recent weeks, remaining below its October 2025 all-time high of around $126,000 after a market sell-off on Oct. 10.
About $14 billion of Bitcoin options are set to expire Friday, as measured by the number of outstanding contracts, referred to as open interest. The quarterly rollover wipes out close to 40% of open positions on the dominant Deribit exchange.
A rise could push Bitcoin above $75,000, triggering further gains as bearish positions unwind. If declines continue, Bitcoin may retest the $60,000 support.
source: https://www.tradingview.com/news/u_today:386ff5b1b094b:0-is-bitcoin-following-textbook-pattern-peter-brandt-says-yes/
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