👉$BTC What Happens Next in Bitcoin? 📈
🛑📢Leading cryptocurrency analyst Peter Brandt shared his technical analysis of Bitcoin's (BTC) short-term price outlook, while re-easerting his long-term bull stance on the world's largest crypto asset.
🛑📢In a series of tweets, Brandt pointed out that a head and shoulder (H&S) peak pattern was formed on Bitcoin's Factor Real Range chart, eliminating candlesticks or shadow candlesticks.
🛑He warned that H&S patterns are overestimating or unable to meet their generally projected downside targets.
Factor Real Range is a type of chart that eliminates wicks or shadows on candlesticks.
🔥Normally, candlestick charts contain wicks that show the entire price range for that period, with fine lines that run above and below the actual opening and closing prices.
✨The Factor Real Range chart only shows the actual body of the candlestick, ignoring the wicks. Some analysts believe this eliminates the noise and volatility represented by the suppositories, giving a cleaner look.
📉👉Based on this pattern, Brandt sees the potential for a correction from the middle to the top of the $50,000 level. According to the analyst, this will retest the upper limit of Bitcoin's ascending channel on Feb. 26/27.
💫🛑However, the experienced analyst stated that this is 'not a prediction' and that investors should make decisions at their own risk.
💰💥He also stated that if Bitcoin regains the $69,000 level, the H&S hill will be cancelled.
🛑📢When asked whether rising interest rates would affect Bitcoin's bull outlook, Brandt suggested that interest rate increases could only have a limited impact on Bitcoin's trajectory in the long run, saying that “Bitcoin's core power is the final destruction of fiat currencies.”
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