Peter Brandt: Bitcoin is currently forming an ascending triangle pattern, with the base potentially at $56,000

BlockBeats News, June 3rd: Renowned trader and chart analyst Peter Brandt, who successfully predicted the 2018 Bitcoin crash, stated in a recent post that Bitcoin is currently forming an expanding triangle pattern. This pattern is relatively common in Bitcoin's history and is usually reliable. The target price is projected from the breakout point.

According to the measurement rule of the expanding triangle: Target = Height of the pattern projected down from the breakout point. The attached chart shows a broadening triangle (with the upper and lower trendlines diverging). The breakout point is approximately near $74,000 (labeled as 74,395 in the chart). After projecting the height of the pattern (from the highest point of the triangle to the lowest point) downwards, the arrow points to a range of about $56,000.