BlockBeats news, on March 16, renowned trader and chart analyst Peter Brandt, who successfully predicted the 2018 Bitcoin crash, released a chart this morning highlighting a "megaphone" pattern on the BTC daily chart, a formation described in Richard Schabacker’s 1932/34 technical analysis book.
The "trumpet" pattern originates from Richard Schabacker’s 1934 book "Technical Analysis and Stock Market Profits" and is an H-shaped expansion pattern often signaling a price reversal or breakout. According to Peter Brandt’s chart, after a decline in February, Bitcoin’s price formed a converging pattern (resembling a curved trumpet mouth narrowing and accelerating upward), suggesting a rapid price rise to a peak, followed by a brief pause.
On March 10, Peter Brandt suggested that Bitcoin is showing a short-term bullish pattern.