Seasoned trader Peter Brandt outlines a potential price path for Bitcoin that would see BTC break out of its price troughs en masse on its way to new all-time highs.
The veteran trader shares a chart with his 737,800 followers on social media platform X, suggesting that Bitcoin follows a parabolic curve pattern on the weekly chart.
Brandt also hints that Bitcoin appears to be forming a massive cup-and-handle pattern dating all the way back to the end of 2020.
‘Can we indicate tea and crumpets on this card?
A cup-and-handle formation is typically viewed as a bullish continuation pattern, indicating an asset taking a breather after a steep rally before hitting a key resistance level.
Looking at the trader’s chart he seems to suggest that $73,734 is the crucial level to break. The chart also shows a parabolic curve pattern that could take Bitcoin above $150,000 sometime next year.
At the time of writing, Bitcoin is trading at $57,652, indicating a potential gain of 160% if BTC meets Brandt’s bull market target.
Last week, Brandt warned that Bitcoin could witness another drop below $50,000 if the BTC bulls fail to fuel the momentum.
“A test of the lower limit would be about $46,000. A massive push to new all-time highs is needed to get this bull market back on track.
Selling is stronger than buying in this regard [inverted expanding triangle] cartridge.”
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Generated image: Midjourney