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.
“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.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney