Peter Brandt, a veteran commodity trader, recently tweeted about his latest analysis of Bitcoin (BTC). He believes that the bottom in the price of BTC has formed a "double-walled fulcrum pattern," which he considers to be an extremely rare occurrence. He also stated that his 2X target for the cryptocurrency is mid-$25,000.
The "double-walled fulcrum pattern" is a technical chart pattern that appears to have been introduced by Brandt himself. It is not a widely recognized pattern in the traditional financial market and is not included in the standard set of chart patterns used by technical analysts.
Brandt's latest analysis of the Bitcoin market has generated significant interest among traders and investors. Given his extensive experience in the financial market and his previous takes on Bitcoin, his analysis is likely to be closely followed by those in the industry.
Still, there were those who ridiculed Brandt's recent chart pattern. "Awesome how he figured out the pattern now that we're 4% away from his target. Very actionable. Impressive hindsight," a Twitter tweeted sarcastically.
The cryptocurrency market is having a strong start to 2023, with Bitcoin leading the charge with a 40% increase. The rebound is part of a larger trend in increased risk appetite, but there are skeptics who doubt its longevity due to concerns about the economy and warnings from some parts of the global market.
Despite these uncertainties, momentum continues, with one strategist targeting $25,000 for Bitcoin and it being on track for its best month since December 2020. Federal Reserve Chair Jerome Powell's upcoming speech may also impact market expectations.