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Legendary commodity trader Peter L. Brandt has taken to his X account to share important recent analysis of Bitcoin's price moves, making a bullish prediction for the largest cryptocurrency in the market.
He referred to a classic book by Richard W. Schabacker published in 1934, saying that Bitcoin is currently playing out a pattern from it.
Bitcoin 'Banana splits', forming 'Horn' pattern
Peter Brandt published a Bitcoin chart, depicting the beginning of a recovery of digital gold and showing a “Horn” pattern. Brandt’s caption to it is “The banana is splitting.”
The “Horn” formation, according to Brandt, goes back to W. Schabacker's 1934 book Technical Analysis and Stock Market Profits. Without going into technical details, this pattern signals instability in the asset’s current price trend and marks a breakout as imminent.
Hence, Brandt marked a likely surge in Bitcoin's price towards the $88,000 - $90,000 levels.
Currently, Bitcoin is at $73,133 per coin after dropping below the $74,000 level earlier today.
Robert Kiyosaki: Bitcoin will spike after giant market crash
On Sunday, financial author and investor Robert Kiyosaki, widely known for his book “Rich Dad Poor Dad”, addressed the community with a prediction of a “giant market crash” coming and Bitcoin soaring after that.
Kiyosaki mentioned legendary investor Warren Buffett, who preferred to sit on billions of dollars in cash, which, per Kiyosaki, he used for purchasing “priceless assets...on sale” after the crash.
Kiyosaki revealed that last week, he made several significant purchases – he bought more oil wells, more gold, silver, and Bitcoin. He doubts that Buffett would do the same thing.
Financial guru Kiyosaki believes that it is wise not to buy any assets until the market crash, which he sees coming, happens. “I am confident after a giant crash the price of gold, silver, and Bitcoin will go up,” he tweeted, at the same time admitting that he could be wrong in his prediction. Still, one thing is for sure, per him – as long as the geopolitical conflict in the Middle East keeps escalating, oil will continue to go up in price, which means more profit for him, since he owns several oil wells.
Dan Burgin
Vladislav Sopov
