Bitcoin (BTC) has recently risen above $86,000 for the first time since US President Donald Trump announced bilateral tariffs earlier this month.
However, BTC was unable to maintain these benefits and retreated to the $83,800 level.
The rise of Bitcoin has given investors hope, but legendary analyst Peter Brandt said that Bitcoin’s rise did not convince him, and that it was not a signal to turn it around.
I’m not sure!
Peter Brandt, an analyst with 50 years of experience, shared a new analysis of the current state of Bitcoin.
Analysts valued Bitcoin’s recent rise above $86,000, noting that Bitcoin has smashed the downtrend line, which had been restricting its gains throughout January, February and March.
Despite the recent rise, there has been bullish sentiment in the market, but analysts have said there should not be any hope for Bitcoin’s recent price transfer.
Saying that the recent rise in Bitcoin does not show a trend towards price reversal, analysts addressed “amateur organizations” in his post:
“Many amateur chartists notice this trendline.
Of all chart structures, trendlines are the least important.
“The latest trendline violations on the Bitcoin charts do not indicate a trend reversal. Sorry.”
According to Brandt, Bitcoin prices should be consistently closed above the $88,000 resistance level to confirm a successful reversal of the market correction from the beginning of the year.
*This is not investment advice.
