As a seasoned researcher with decades of market experience under my belt, the insights shared by Peter Brandt always pique my interest. His latest prediction for Bitcoin, based on technical analysis, is nothing short of intriguing. The seven-month inverted expanding triangle pattern he’s identified suggests a potential price surge to $150,000 per BTC. Given his substantial speculative position in Bitcoin, I can’t help but feel a mix of anticipation and apprehension.
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 $150,000 per BTC.
Showing he’s serious about his words, Brandt disclosed that he has a significant investment in the leading cryptocurrency, made as a speculative move.
For the past seven months, an inverting expanding triangle pattern has been developing with Bitcoin ($BTC). So far, the series of lower highs and lower lows that began in March 2024 hasn’t been broken. As for me, Bitcoin remains my biggest long-term speculative investment.
— 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 observed a possible “mug-shaped” or “goblet formation” in SOL‘s price chart, suggesting a potential bullish trend with an upward surge, but he maintains a neutral stance towards the widely used cryptocurrency.
Just like Ethereum, it has developed what’s known as an upside-down head and shoulders formation on its price graph, a bullish signal. However, Brandt himself hasn’t shown any increase in his interest in Ethereum, continuing to maintain a neutral stance towards the asset, a fact he sometimes expresses bluntly.
The Bitcoin-to-Gold Futures Ratio, denoted as $BTC / $GC_F, is showing a significant extension of an inverted Head and Shoulders pattern on its weekly chart. Currently, I have taken a long position in gold futures and the GLD exchange-traded fund.
— Peter Brandt (@PeterLBrandt) October 21, 2024
Additionally, Brandt drew a comparison between Bitcoin’s performance and that of gold, which, alongside Bitcoin, is frequently scrutinized as a key asset.
On the Bitcoin-to-gold ratio graph, there’s a reversed head-and-shoulders pattern that seems to forecast Bitcoin will surge over 400% compared to gold. However, an experienced trader holds positions in both gold and Bitcoin.
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2024-10-21 15:13