Bitcoin Shows Encouraging Sign, Says Trading Veteran: Is This the Signal to Jump into BTC?

Crypto News– Bitcoin has recorded modest gains this week, maintaining its position within a well-established trading range. What makes this situation particularly noteworthy is Bitcoin’s departure from historical norms, as it heads toward a positive conclusion for September, a month that has traditionally been less favorable for cryptocurrencies.

Bitcoin Shows Encouraging Sign, Says Trading Veteran: Is This the Signal to Jump into BTC?

During these developments, Peter Brandt, a seasoned market veteran, highlighted a potentially bullish indicator as the prospect of ‘Uptober’ approaches. Brandt’s tweet drew attention to several key elements. Firstly, he noted the ‘lowest ADX reading since July 2020,’ indicating a decrease in overall market strength. Secondly, he raised the possibility of a ‘small 6-week inverted head and shoulders (H&S) pattern’ forming.

Notably, such patterns often serve as potential signals of impending trend reversals, suggesting a short-term shift towards a more bullish sentiment. If the H&S pattern materializes as anticipated, Bitcoin’s price could be poised to surge into the $30,000 range.

Other BTC Price Predictions

Peter Brandt‘s analysis isn’t the sole source of optimism for Bitcoin. Gareth Soloway, the founder of verified investing.com, has also expressed positive sentiments regarding the potential surge of BTC in the forthcoming weeks. In a video presentation, Soloway discussed the possibility of a ‘Head and Shoulders pattern’ emerging, particularly if certain conditions, such as the approval of a Bitcoin exchange-traded fund (ETF), materialize.

It’s worth noting, however, that this wasn’t an inverted Head and Shoulders pattern, which typically implies further price declines. Soloway emphasized the critical importance of specific price levels, stating that to confirm the pattern, the ‘shoulder’ must remain below the previous high, approximately at the $32,000 mark. Should Bitcoin’s price surpass this threshold and sustain it for seven consecutive trading days, it would suggest an alternate scenario.