Summary:
Peter Brandt predicts Bitcoin could reach $150,000 following a parabolic rally.
Bitcoin is forming a cup-and-handle pattern, indicating bullish momentum.
A critical resistance level to breach is $73,734 for further gains.
Current Bitcoin price at $57,652 suggests a potential 160% gain.
Brandt warns of a possible drop below $50,000 if bullish momentum fails.
Peter Brandt's Bold Bitcoin Predictions
Veteran trader Peter Brandt has outlined a potential price path for Bitcoin (BTC) that could see it break out of its current stagnation and reach new record levels. With over 737,800 followers on social media platform X, Brandt shared a chart suggesting that Bitcoin is following a parabolic curve pattern on the weekly chart.
The Cup-and-Handle Formation
Brandt hints that Bitcoin might be forming a massive cup-and-handle pattern dating back to late 2020. This pattern is often seen as a bullish continuation, indicating that Bitcoin could be taking a breather before breaking through a key resistance level.
“Might we declare Tea and Crumpets on this chart?” - Peter Brandt
Key Price Levels
According to Brandt, the crucial level to breach is $73,734. His chart suggests that if Bitcoin breaks this level, it could soar above $150,000 sometime next year. Currently, Bitcoin is trading at $57,652, indicating a potential gain of 160% if it reaches Brandt’s bullish target.
Warning Signs
However, Brandt also cautioned last week that Bitcoin could drop below $50,000 if bulls fail to gain momentum. He mentioned:
“A test of the lower boundary would be to $46,000 or so. A massive thrust into new all-time highs is required to get this bull market back on track.”
Final Thoughts
Brandt's analysis showcases the volatile nature of Bitcoin trading and highlights the potential for significant price movements in the coming months.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should conduct their own due diligence before making high-risk investments in Bitcoin, cryptocurrency, or digital assets. The Daily Hodl participates in affiliate marketing.
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