Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Peter Brandt, expert trader and renowned technical analysis guru, recently provided a fresh new outlook on the price action of Bitcoin (BTC). Over the past weekend, thanks to the fact that the cryptocurrency market literally never sleeps, the price of the major cryptocurrency soared by over 5.1%, going all the way from $75,714 to $81,500 per BTC.
While Bitcoin was tearing all-time high after an all-time high, many left sidelines, seeking answers as to what to expect next. That is when Brandt arrived with his insightful perspective on Bitcoin.
In a chart attached to the caption "Major buy signal over the weekend in Bitcoin," the trader displayed what he believes is an inverted head-and-shoulders pattern, which was forming back at the end of 2020.
If this pattern is indeed what it looks like, Brandt's analysis suggests that Bitcoin could be positioned for a significant gain, with potential growth of over 300% from the recent low point of the 2022 bear market.
With this calculation, the chart hints that Bitcoin's next major price level may be above $200,000, a target that aligns with the historical gains seen in previous bullish cycles. This figure resonates with many Bitcoin enthusiasts, like Max Keiser, who have long speculated on the cryptocurrency’s potential to reach such levels during a full bull market phase.