Peter Brandt, a veteran trader with over 50 years of experience on the financial markets, including crypto, has shared a new outlook on the price of Bitcoin (BTC), predicting a major rise for the major cryptocurrency.
The analysis focuses on the seven-month inverted expanding triangle, a key technical pattern that has been in place since March of this year without being breached. This pattern of lower highs and lower lows, according to the trader, signals that Bitcoin remains primed for a major move higher to as high as $150,000 per BTC.
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Putting his money where his mouth is, Brandt revealed that he holds a substantial speculative position in the major cryptocurrency.
#6Bitcoin $BTC7 month inverted expanding triangle continues to formThe sequence of lower highs and lower lows from Mar 2024 has NOT yet been violated#6Long Bitcoin is my single largest speculative position pic.twitter.com/DZHLS8gMMU
— Peter Brandt (@PeterLBrandt) October 21, 2024
Brandt also shared his thoughts on other major cryptocurrencies, including Ethereum and Solana.
Solana, Ethereum or gold? Bitcoin.
Brandt noted a potential "cup and handle" pattern for SOL, which could indicate an upward breakout, although he remains neutral on the popular token.
Similarly, Ethereum has formed an inverted head and shoulders pattern on its price chart, which is considered a major bullish pattern. Despite this, Brandt remains flat on Ethereum as well, signaling no current exposure to the asset, which he often referred to using an unpleasant word.
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#2Bitcoin/Gold ratio $BTC / $GC_FMassive continuation inverted H&S on weekly chartI am long Gold futures and $GLD pic.twitter.com/TCHxcW5fa8
— Peter Brandt (@PeterLBrandt) October 21, 2024
Brandt also compared Bitcoin's performance against gold, the most analyzed asset along with the main cryptocurrency.
There, the inverted head-and-shoulders pattern on the Bitcoin-to-gold ratio chart, which, as can be seen on an attached chart, predicts Bitcoin to soar more than 400% against gold. Yet the veteran trader is long both on the precious metal and on the cryptocurrency.
