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Analyst Peter Brandt's Trend Comment on Bitcoin: Insecure, Don't Expect a Rise! - Coin Newsletter
Veteran chart analyst Peter Brandt found the trendline breakout in Bitcoin to be insignificant. Brandt says that new highs are difficult unless price action gives clearer signals.
Bitcoin's recovery in recent days has created expectations of a new rally among many investors. However, veteran technical analyst Peter Brandt is cautious about this optimism.
In his post on the social media platform X, Brandt said, "Trend lines are the least reliable in technical analysis" regarding the trendline breakout, which many investors draw attention to. According to Brandt, such breakdowns can often be misleading and are not enough to assume the start of a new uptrend.
Brandt noted that unlike trend lines, moving averages and key support-resistance zones offer more reliable indicators. Therefore, more robust technical signals are needed to confirm Bitcoin's upward trend reversal.