U.Today - In a tweet, legendary trader Peter Brandt drew attention to a key time frame for Bitcoin (BTC) holders, suggesting that Feb. 24-26 could be a pivotal period for the market.
Brandt observes an internal symmetry on the Bitcoin chart while highlighting a specific time frame, in the next three to five days "to be telling BTC."
In a tweet, Brandt wrote: "While not required, there is a tendency for the most reliable chart construction to have internal symmetry or balance between components. The daily chart of Bitcoin has developed that symmetry. Look for Feb 24-26 to be telling BTC."
His comments come at a time when Bitcoin is approaching a decisive phase, with traders closely watching for signs of the next major trend. If Brandt’s observation holds, BTC could experience notable volatility or a shift in momentum within the suggested time frame.
Bitcoin faced a recent slowdown after an extended period of strong gains. After Bitcoin’s second attempt to break above $105,000 in late January, the market has entered a contraction phase, with monthly price momentum sharply declining across major assets.
Bitcoin has held relatively steady in the $93,000 to $98,000 range, awaiting its next major move. As Bitcoin holders prepare for potential market movements, all eyes will be on how BTC reacts leading up to Feb. 24 to 26, highlighted by Brandt.
Bitcoin price action
At the time of writing, Bitcoin was up 0.78% in the last 24 hours to $98,553 after reaching intraday highs of $99,517 on the back of the latest comments from Fed officials on Thursday about the central bank’s rate-cutting plans and bullish Coinbase (NASDAQ:COIN) news.Alberto Musalem, President of the Federal Reserve Bank of St. Louis, stated on Thursday that he believes price hikes will continue to moderate, but the risks of "moving higher seem skewed to the upside." Therefore, policy should "remain modestly restrictive."
Atlanta Fed President Raphael Bostic shared a similar sentiment, stating that "this is no time for complacency" as inflation might remain elevated. Bostic referred to the current monetary stance of the Fed as moderately restrictive and said he expects two interest rate cuts in 2025.
The SEC is poised to drop the Coinbase lawsuit, marking a big moment for the crypto industry.