Peter Brandt, a seasoned trader and analyst, believes that the price of bitcoin has reached levels that are comparable to those that were reached before to a bounce in July.
However, he observes that it may not yet be the time to turn so bullish because the risk-off mentality is still largely intact.
At the time of this writing, the BTC/USD exchange rate was near $21,400.
At the time of this writing, the price of Bitcoin has increased by around 1.2% over the course of the last 24 hours, trading at over $21,400 as bulls attempt to push higher.
After a string of six straight red candles, the daily chart shows two very little green candles indicating some slight advances.
However, because the market as a whole is still indecisive for the most part, the most important cryptocurrency is still susceptible to the sell-off that caused BTC/USD to fall from highs above $25,000 just the previous week.
What is ahead for Bitcoin (BTC) in light of the ascending wedge targets?
On Friday, the price of Bitcoin dropped about 10% along with the rest of the risk assets market as investors reacted negatively to news that the US Federal Reserve was planning to keep its aggressive stance despite statistics suggesting a falling inflation rate.
As a result of the risk-averse mindset, the price of Bitcoin dropped to its lowest level in over three weeks, reaching $20.760 on Coinbase (a decline of roughly 12% for the pair this week). Here is what the illustrious trader Peter Brandt has to say about the fluctuation of the Bitcoin price:
Brandt mentioned this while pointing to a chart that showed a breakdown from an ascending wedge. This puts the benchmark cryptocurrency in a position where it is ready to hit critical negative goals.
It is potential for some bounce from here if bulls hold support, but it is likely that there will be more pain if the demand refill zone breaks. This is a scenario that cryptocurrency analyst Michael van de Poppe also mentions in the tweet below.
The Bitcoin to US Dollar exchange rate dropped to a low of approximately $17,600 during the most recent significant collapse below $20,000.
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