Renowned trader and chart analyst Peter Brandt, who famously predicted Bitcoin's 2018 crash, posted an analysis yesterday of Bitcoin's current technical structure. Brandt has decades of experience and is widely followed in the crypto space for his historically accurate calls.
Brandt noted that Bitcoin is forming an expanding triangle pattern, which has appeared multiple times in Bitcoin's history and has proven relatively reliable. The pattern features upper and lower boundaries that gradually diverge, indicating a widening trading range.
According to the standard expanding triangle measurement rule, the downside target is calculated by projecting the full height of the pattern downward from the breakout point. Brandt's accompanying chart shows the breakout near $74,000 (specifically marked at $74,395), with the pattern height measured from the widest part's high to low. The resulting projection arrow points to the $56,000 area.