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.
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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.” DYOR $BTC
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