Veteran trader Peter Brandt anticipates a significant upward movement for Bitcoin (BTC), predicting it will break its current price stagnation and achieve new highs. Brandt shared a chart with his 737,800 followers on the social media platform X, indicating that Bitcoin is adhering to a parabolic curve on the weekly chart.
Cup and Handle Formation
Brandt highlights that since late 2020, Bitcoin has been forming a large cup and handle pattern. This pattern typically signals the continuation of an upward trend, suggesting the asset may take a brief pause before overcoming a major resistance level. The chart he shared demonstrates that $73,734 is the crucial level that Bitcoin must breach.
Additionally, the chart’s parabolic curve suggests Bitcoin could potentially surpass the $150,000 mark by next year. This optimistic outlook is based on technical patterns that traders often use to predict future price movements.
Current Situation
Currently, Bitcoin is trading at $57,652. If Brandt’s bullish target of over $150,000 materializes, investors could see gains of around 160%. However, Brandt also cautioned that failing to maintain momentum might result in Bitcoin dropping below $50,000.
Brandt emphasized, “Testing the lower boundary could be around $46,000. A strong move to new all-time highs is essential for this bull market to regain strength. In this inversely expanding triangle model, selling pressure is stronger than buying.”
Key Insights
– Bitcoin could form a cup and handle pattern, indicating a potential for further gains.
– Breaking the $73,734 resistance level is critical for continued upward movement.
– A parabolic curve suggests a possibility of Bitcoin reaching $150,000 next year.
– Current price stands at $57,652 with potential gains of 160% if bullish trends continue.
– Caution is advised as failure to maintain momentum might lead to a drop below $50,000.
Brandt’s insights offer valuable perspectives on Bitcoin’s potential price trajectory, helping investors understand the market’s current conditions. Nonetheless, it is imperative for investors to exercise caution and perform their own due diligence. While Brandt’s forecasts may seem promising for long-term holders, the inherent volatility of cryptocurrency markets necessitates vigilant market monitoring.