Veteran Trader Peter Brandt Hints at Incoming Parabolic Rally for Bitcoin (BTC) – Here’s His Price Target

Seasoned dealer Peter Brandt outlines a possible worth path for Bitcoin that will see BTC escape of its worth troughs en masse on its option to new all-time highs.

The veteran dealer shares a chart together with his 737,800 followers on social media platform X, suggesting that Bitcoin follows a parabolic curve sample on the weekly chart.

Brandt additionally hints that Bitcoin seems to be forming an enormous cup-and-handle sample courting all the way in which again to the tip of 2020.

‘Can we point out tea and crumpets on this card?

A cup-and-handle formation is often seen as a bullish continuation sample, indicating an asset taking a breather after a steep rally earlier than hitting a key resistance stage.

Wanting on the dealer’s chart he appears to counsel that $73,734 is the essential stage to interrupt. The chart additionally reveals a parabolic curve sample that might push Bitcoin above $150,000 someday subsequent yr.

On the time of writing, Bitcoin is buying and selling at $57,652, indicating a possible acquire of 160% if BTC meets Brandt’s bull market goal.

Final week, Brandt warned that Bitcoin might witness one other drop under $50,000 if the BTC bulls fail to gasoline the momentum.

“A take a look at of the decrease restrict can be about $46,000. An enormous push to new all-time highs is required to get this bull market again on observe.

Promoting is stronger than shopping for on this regard [inverted expanding triangle] cartridge.”

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Generated picture: Midjourney