Veteran trader Peter Brandt is predicting a bullish scenario for Bitcoin (BTC) that could propel the king crypto to a fresh all-time high in two years.
Brandt tells his 692,600 Twitter followers that while it is within the realm of possibility for Bitcoin to launch a new bull market this year, in reality, nobody knows what will really happen.
[adinserter block="1"]“Any idiot can make wild guesses about markets, so here is my dunce-hat prediction. In reality, nobody has a clue what any given market will do.”
Looking at the trader’s chart, he appears to be outlining a possible inverse head and shoulders pattern for Bitcoin that could push BTC above $30,000 by Q2 of this year. An inverse head and shoulders formation is one of the patterns that traders look for as it indicates the potential end of a downtrend.
Brandt also shares a chart that shows Bitcoin’s possible long-term price action.
Based on the trader’s chart, Bitcoin could start a new bull market after breaking out of the inverse head and shoulders pattern en route to $70,000 first before correcting back to $33,000 and then rallying to around $175,000 in 2025.
At time of writing, Bitcoin is switching hands for $21,050. A move toward Brandt’s long-term target suggests an upside potential of over 731% for the king crypto.
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