Peter Brandt, expert trader and renowned technical analysis guru, recently provided a fresh new outlook on the price action ofBitcoin (BTC). Over the past weekend, thanks to the fact that the cryptocurrency market literally never sleeps, the price of the major cryptocurrency soared by over 5.1%, going all the way from $75,714 to $81,500 perBTC.
While Bitcoin was tearing all-time high after an all-time high, many left sidelines, seeking answers as to what to expect next. That is when Brandt arrived with his insightful perspective onBitcoin.
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In a chart attached to the caption "Major buy signal over the weekend in Bitcoin," the trader displayed what he believes is an inverted head-and-shoulders pattern, which was forming back at the end of 2020.
Major buy signal over the weekend in Bitcoin $BTC pic.twitter.com/DBedJusTUm
— Peter Brandt (@PeterLBrandt) November 11, 2024
If this pattern is indeed what it looks like, Brandt's analysis suggests that Bitcoin could be positioned for a significant gain, with potential growth of over 300% from the recent low point of the 2022 bear market.
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With this calculation, the chart hints that Bitcoin's next major price level may be above $200,000, a target that aligns with the historical gains seen in previous bullish cycles. This figure resonates with many Bitcoin enthusiasts, like Max Keiser, who have long speculated on the cryptocurrency’s potential to reach such levels during a full bull market phase.
