BlockBeats News, March 16th: Famous trader and chart analyst Peter Brandt, who successfully predicted the sharp drop in Bitcoin in 2018, released a chart this morning highlighting a “trumpet” pattern on the BTC daily chart. This pattern originates from the technical analysis book published by Richard Schabacker in 1932/34.
The “trumpet” pattern, derived from Richard Schabacker’s 1934 work “Technical Analysis and Stock Market Profits,” is an H-shaped expansion pattern that often signals a price reversal or breakout. According to Peter Brandt’s chart, after the February decline, Bitcoin formed a converging pattern (similar to a curved trumpet mouth gradually narrowing and accelerating upwards), indicating that the price will rise rapidly to a peak and then may experience a brief pause.
