Experienced trader Peter Brandt predicts that Bitcoin (BTC) could break out of its price doldrums and reach new record highs. In the chart he shared with his 737,800 followers on social media platform X, Brandt states that Bitcoin is following a parabolic curve formation on its weekly chart.
Cup and Handle Formation
Brandt also suggests that Bitcoin has been forming a large cup and handle pattern since late 2020. This pattern is generally considered a sign that the uptrend is about to continue, with the asset taking a brief breakout after a sharp rally before breaking through a key resistance level.
Looking at the trader’s chart, it appears that $73,734 is the critical level to break. The chart also features a parabolic curve that suggests Bitcoin could surge above $150,000 in the coming year.
Current Status
At the time of writing, Bitcoin $56,980.12 It is trading at $57,652, with potential gains of 160% if Brandt’s bull market target materializes. Last week, Brandt also warned that BTC could fall below $50,000 if Bitcoin bulls fail to build momentum.
“A test of the lower boundary could be around $46,000. A strong move to new all-time highs is needed for this bull market to get back on track. Selling is stronger than buying in this inverse expanding triangle pattern,” Brandt said.
Brandt’s analysis can provide investors with valuable insight into Bitcoin’s future price movements, while also helping them understand the current state of the market. However, it is important for investors to exercise caution and do their own research.
Peter Brandt’s predictions may be promising for long-term Bitcoin investors. However, since cryptocurrency markets are generally highly volatile, investors should be careful and follow market movements closely.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
