Peter Brandt Analyzes Potential Bitcoin Head And Shoulders Pattern

According to Odaily, veteran trader Peter Brandt recently shared insights on X regarding Bitcoin's market chart, which appears to be forming a classic Head and Shoulders (H&S) top pattern. Brandt outlined three potential outcomes for this pattern: it could complete and reach its target level, fail due to a bear trap, or transform into a larger pattern. He further clarified that he is merely highlighting a pattern that seems to be developing, noting that these patterns often change or fail, and sometimes they work. Brandt mentioned that his success rate is slightly above 50%, indicating that many of the patterns he trades do not succeed. For him, chart patterns are not opinions or positions, but rather observations.