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Veteran trader Peter Brandt has issued an important update to his view on the price of Bitcoin. Specifically, the skilled financial asset speculator pointed out that Bitcoin (BTC) and Ethereum (ETH) are showing well-known technical formations.

For the former, Brandt observes a "megaphone" or "expanding triangle" pattern on the weekly and daily charts. This formation usually indicates rising price swings in both directions and often precedes a decisive breakout or breakdown. 

However, he notes that a clear trend is yet to emerge on Bitcoin, leaving traders and investors on the lookout for further developments. 

Interestingly, when the veteran trader was asked what would signal a resumption of Bitcoin's long-term uptrend - a break above the diagonal resistance line or a break above the horizontal line at the $74,000 level - Brandt dismissed the importance of diagonal resistance, saying that he does not factor it into his analysis.

In summary, Peter Brandt expects Bitcoin to continue its dynamic range movement, which in turn will continue to widen until the price breaks out of one of its boundaries. All of this is likely to be accompanied by increased volatility and wide price swings. 

Ethereum (ETH) price outlook

As for Ethereum, Brandt notes that the altcoin remains on the defensive. He believes that the major altcoin will not signal bullish strength until it closes above the critical $3,050 level. Obviously, according to Brandt, there is a bearish bias for the price of ETH until that happens.

Notably, the veteran trader's previous outlook for the altcoin included a short setup, with targets of $1,641 per ETH being mentioned.

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.