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September 11, 2024

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

By Henry Kanapi

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.

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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?

Source: Peter Brandt/X

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.

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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.”

Source: Peter Brandt/X

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