Veteran trader Peter Brandt, well-known for his market insights, is sharing a bold potential price path for Bitcoin. If you’ve been wondering when Bitcoin might break out of its current range, Brandt’s latest chart offers an intriguing glimpse into what could be coming next.
Brandt, who has a substantial following on social media platform X, recently posted a chart suggesting Bitcoin may be on the verge of a parabolic breakout. An emerging pattern on the weekly chart hints at a possible rally that could take Bitcoin to new all-time highs.
Interestingly, Brandt points out that Bitcoin seems to be forming a massive cup-and-handle pattern, starting from late 2020. For those unfamiliar, a cup-and-handle is a bullish pattern often seen as a continuation signal. It suggests that after a strong rally, the asset takes a pause, gathering strength before attempting to break above a key resistance level.
Brandt humorously described the setup by asking, “Might we declare Tea and Crumpets on this chart?” His light-hearted comment underscores the seriousness of the pattern, though—it’s one that traders often look for when gauging the next big move.
Hey Jim @Upticken how about Bitcoin. Might we declare Tea and Crumpets on this chart? pic.twitter.com/SwVOipCvDg
— Peter Brandt (@PeterLBrandt) September 9, 2024
According to Brandt’s analysis, the critical level to watch is $73,734. If Bitcoin can breach this mark, his chart suggests a parabolic curve could propel BTC to over $150,000 sometime next year. As of now, Bitcoin is trading around $56,600, which means we could see potential gains of about 150% and more if Brandt’s prediction pans out.
However, it’s worth noting that Brandt isn’t all bullish without caution. Last week, he warned that if Bitcoin bulls can’t spark the needed momentum, we might see another dip below $50,000. In his words, “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.”
A week prior, Brandt mentioned on his Substack that while he’s optimistic about a potential breakout, Bitcoin still needs to make a decisive move above the current pattern to confirm a new trend. Until we see this critical move, the market’s direction remains uncertain, he said.
While these predictions paint an exciting picture, they also remind us that the market’s path is rarely straightforward. Follow us at HowToBuyBitcoin.org for the latest news and updates.