Seasoned trader Peter Brandt is outlining a potential price path for Bitcoin that would see BTC massively break out of its price doldrums en route to fresh record levels.
The veteran trader shares a chart with his 737,800 followers on the social media platform X suggesting that Bitcoin is following a parabolic curve pattern on the weekly chart.
Brandt also hints that Bitcoin appears to be forming a massive cup-and-handle pattern that spans all the way back to late 2020.
“Might we declare Tea and Crumpets on this chart?
A cup-and-handle formation is typically viewed as a bullish continuation pattern, suggesting that an asset is taking a breather after a steep rally before taking out a key resistance level.
Looking at the trader’s chart, he seems to suggest that $73,734 is the crucial level to breach. The chart also shows a parabolic curve pattern that could send Bitcoin above $150,000 sometime next year.
At time of writing, Bitcoin is trading for $57,652, indicating potential gains of 160% if BTC hits Brandt’s bull market target.
Last week, Brandt warned that Bitcoin could witness another drop below $50,000 if BTC bulls fail to ignite momentum.
“A test of the lower boundary would be to $46,000 or so. A massive thrust into new all-time highs is required to get this bull market back on track.
Selling is stronger than buying in this [inverted expanding triangle] pattern.”
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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 losses 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.
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