Bitcoin Bull Run Ahead: Peter Brandt Predicts Inverted Head and Shoulders Pattern
Veteran trader and analyst, Peter Brandt, has shared a bullish outlook on Bitcoin in a recent tweet, stating that the cryptocurrency is forming an inverted head and shoulders chart pattern on higher time frames. Brandt cautions that no one can predict with certainty what the market will do, but his analysis suggests that Bitcoin is on the cusp of a major rally.
According to Brandt, the short-term outlook for Bitcoin is a rally to around $25,000 before a potential pullback to retest the neckline at around $18,387.5. In the long term, the veteran trader predicts that the asset will rally as high as $50,000 in 2023 and over $100,000 in 2024 after a drop below $34,000.
Brandt’s analysis implies that the bottom of this cycle has already been reached and we will not see a drop to $13,000, which was the last clear bottom prediction by the analyst. This bullish outlook is in line with the overall sentiment in the crypto market, as many experts believe that the current market conditions are favorable for a price rally.
It’s worth noting that these predictions are based on technical analysis, which is subject to interpretation and can be affected by various factors. Therefore, it’s important to do your own research and not rely only on any one analyst’s predictions.
Overall, Brandt’s analysis is a positive sign for those who are bullish on Bitcoin and the crypto market as a whole. With a potential inverted head and shoulders pattern forming, it’s an exciting time for investors and traders to keep an eye on the cryptocurrency’s price action.