TechFlow news, October 29 — Renowned trader Peter Brandt shared a technical analysis view stating that Bitcoin (BTC) has broken out of a five-month-long expanding triangle pattern, and the follow-up price action will be crucial. The post-halving rally may have already begun, marking the end of the "lower highs and lower lows" downtrend that started in March this year.
On a semi-logarithmic chart, the measured target from the triangle breakout points to $94,000. This forecast is based on multiple technical analysis methods, including range projection from the November 2022 low to the March 2024 high. Brandt noted that he previously discussed similar target levels in his June blog post titled "Perfect Symmetry in Bitcoin’s Bull Cycle." However, he emphasized adhering to a "one target at a time" strategy principle and cautioned investors that all forecasts can deviate, stressing that risk management must always come first.
