Seasoned trader Peter Brandt is outlining a potential price path for Bitcoin that would see BTC massively break out of its price doldrums en route to fresh record levels.
The veteran trader shares a chart with his 737,800 followers on the social media platform X suggesting that Bitcoin is following a parabolic curve pattern on the weekly chart.
Brandt also hints that Bitcoin appears to be forming a massive cup-and-handle pattern that spans all the way back to late 2020.
“Might we declare Tea and Crumpets on this chart?
A cup-and-handle formation is typically viewed as a bullish continuation pattern, suggesting that an asset is taking a breather after a steep rally before taking out a key resistance level.
Looking at the trader’s chart, he seems to suggest that $73,734 is the crucial level to breach. The chart also shows a parabolic curve pattern that could send Bitcoin above $150,000 sometime next year.
At time of writing, Bitcoin is trading for $57,652, indicating potential gains of 160% if BTC hits Brandt’s bull market target.
Last week, Brandt warned that Bitcoin could witness another drop below $50,000 if BTC bulls fail to ignite momentum.
“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.
Selling is stronger than buying in this [inverted expanding triangle] pattern.”
Generated Image: Midjourney