Peter Brandt: Bitcoin is currently in an expanding triangle pattern, with the bottom expected around $56,000

BlockBeats reported that on June 3, the renowned trader and chart analyst Peter Brandt, who successfully predicted Bitcoin's plunge in 2018, stated yesterday that Bitcoin is currently forming an expanding triangle pattern. This pattern is quite common and usually reliable in Bitcoin's history, with the target projected as the pattern's height from the breakout point.

According to the measurement rule for expanding triangles: target = pattern height projected downward from the breakout point. The attached chart shows a widening triangle (with the upper and lower boundaries gradually diverging). The breakout point is roughly around $74,000 (marked as $74,395 in the chart), and after projecting the pattern height (from the highest to lowest points at the widest part of the triangle), the arrow points to the area around $56,000.