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Peter Brandt Identifies Classic "Megaphone" Pattern on Bitcoin Daily Chart, Signaling Potential Short-Term Rally

Trader and chart analyst Peter Brandt, known for predicting the 2018 Bitcoin crash, shared a Bitcoin daily chart on March 16 showing a classic "megaphone" formation originally detailed in Richard Schabacker's 1932/34 technical analysis work, BlockBeats reports. The pattern, also called a trumpet-shaped or H-shaped expansion structure from Schabacker's 1934 book "Technical Analysis and Stock Market Profits," typically signals potential price reversals or breakouts. Brandt's chart shows that after a February pullback, Bitcoin's price action formed a narrowing, upward-tilted structure resembling a curved trumpet mouth, suggesting a rapid move to a peak followed by brief consolidation. Brandt had already noted on March 10 that Bitcoin was displaying a short-term bullish setup.
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