Veteran dealer Peter Brandt is predicting a bullish state of affairs for Bitcoin (BTC) that might propel the king crypto to a recent all-time excessive in two years.
Brandt tells his 692,600 Twitter followers that whereas it’s throughout the realm of chance for Bitcoin to launch a brand new bull market this 12 months, in actuality, no one is aware of what is going to actually occur.
“Any fool could make wild guesses about markets, so right here is my dunce-hat prediction. In actuality, no one has a clue what any given market will do.”
Wanting on the dealer’s chart, he seems to be outlining a potential inverse head and shoulders sample for Bitcoin that might push BTC above $30,000 by Q2 of this 12 months. An inverse head and shoulders formation is likely one of the patterns that merchants search for because it signifies the potential finish of a downtrend.
Brandt additionally shares a chart that reveals Bitcoin’s potential long-term worth motion.
Primarily based on the dealer’s chart, Bitcoin might begin a brand new bull market after breaking out of the inverse head and shoulders sample en path to $70,000 first earlier than correcting again to $33,000 after which rallying to round $175,000 in 2025.
At time of writing, Bitcoin is switching palms for $21,050. A transfer towards Brandt’s long-term goal suggests an upside potential of over 731% for the king crypto.
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