Bitcoin's (BTC) price has traded above the $80,000 price mark after scoring multiple all-time highs (ATH) since the start of the month. At the time of writing, the coin's price is changing hands for $81,182.21, up by 2.82% in the past 24 hours. Amid this surge, legendary trader Peter Brandt hasspotlighted a rare pattern that might push BTC prices even higher.
Peter Brandt rare Bitcoin pattern
In his post on X, Peter Brandt shares two charts featuring Bitcoin and Gold. He labeled the Bitcoin chart a complex continuation of the inverted H&S pattern. He said many chartists deny this rare pattern's existence, even though it is quite visible.
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He referred to the Gold Chart 2010 to determine what this pattern implies. The two assets exhibit the same setup when Gold’s price crosses the $1,000 resistance level. From that point, Gold’s price has soared as high as $2,672.60, more than double the price at the time.
This is called a complex continuation inverted H&S pattern - I know that's a mouth fullLots of chartists deny its existence - not meAlso not Schabacker, Edward and Magee - check for yourselfNote the similarities to Gold in 2009-2010Complex shoulders, stunted RS$BTC $XAUUSD pic.twitter.com/6YfzDsq5Om
— Peter Brandt (@PeterLBrandt) November 10, 2024
If this correlation determines the trend, the price of Bitcoin may soar as high as $200,000 in the long term. This projection aligns withnumerous bullish calls from market analysts, including Peter Brandt.
Bitcoin growth setup right
It is worth noting that Bitcoin has a thriving ecosystem comprising developers and institutional and retail investors. These major ecosystem buyers, likeMicroStrategy and Metaplanet, are helping to boost the digital currency's overall outlook and scarcity.
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MicroStrategy plans toinvest $42 billion in the coin in the next few years. This will complement many countries' growing push for a Bitcoin reserve.
As Bitcoin accumulation intensifies, so does the utility. Earlier, Cardano linked up with BitcoinOS’s Grail Bridge to drive liquidity from BTC to its DeFi ecosystem. This trend helps to fuel the projected growth rally.
