Peter Brandt, a famous analyst, commented on Bitcoin (BTC), the largest cryptocurrency by market capitalization. The analyst states that the asset forms a bullish chart pattern on higher timeframes. Here are the details…
Positive Bitcoin statement from the analyst: First $25,000, then 50k…
Senior trader Peter Brandt shared a positive outlook on Bitcoin in a tweet yesterday in response to recent price movements. Brandt warns that before his analysis, no one knew what the market was going to do. In the short term, the veteran sees a rally to around $25,000 before the asset’s price pulls back to retest the potential neckline to complete the pattern. Specifically, Brandt set the collar support at about $18,387.5.
Any idiot can make wild guesses about markets, so here is my dunce-hat prediction. In reality, nobody has a clue what any given market will do. $BTC pic.twitter.com/bpP2ThjnZK
— Peter Brandt (@PeterLBrandt) January 15, 2023
In the long run, Brandt predicts the asset will rise to 50,000 by 2023. Moreover, BTC expects to rise above 100 thousand in 2024 after falling below $ 34 thousand. According to Brandt’s analysis, we’ve already seen the bottom of this cycle. That means we won’t see a drop to $13,000, the analyst’s latest net bottom estimate.
Other analysts are also on the rise
It’s worth noting that Brandt isn’t the only analyst defending this bullish narrative. Prominent analyst and CryptoQuant author Maartunn shared a similar analysis hours before Brandt. Describing Bitcoin’s recent price action as a range recovery, Maartunn sets a target of $60,000 on the weekly chart, warning that a definitive break below the set range will invalidate the setup. Specifically, this range support is the same as the neckline on Brandt’s chart and hovers in the same price range.
This is a bullish-looking high timeframe chart ✅
▶ A range reclaim usually leads to the range high
▶ Invalidation if #BTC falls back below pic.twitter.com/XTlT7BG37q— Maartunn (@JA_Maartun) January 15, 2023
It is worth noting that the recent Glassnode analysis provides additional support to the idea that Bitcoin has already formed a price floor in the current cycle. According to Glassnode data, Bitcoin remained 386 days below its 200-day moving average in the 2018-2019 bear cycle and then gained in value. Similarly, the asset spent 381 days below the corresponding market trend indicator in the last cycle.
BTC rally continues
As we have reported as Kriptokoin.com, last week, Bitcoin made a big rally that many market participants could not believe. As reported on Saturday, the $4 billion open interest triggered a massive short squeeze as the asset’s price surged from under $20,000 to $21,000 in a matter of hours.
#FireCharts shows #Bitcoin liquidity is on the move. Retail is buying, whales are taking some profits…hmm
Keep an eye on the buy wall. If it rugs, $18.5k must hold.#NFA pic.twitter.com/6vFgMsNG5B
— Material Indicators (@MI_Algos) January 14, 2023
Currently, Bitcoin is up 2.21% in the last 24 hours. It changes hands for around $21,100. Meanwhile, analytics platform Material Indicators warned on Saturday that whales are taking profits, as individual traders are jumping into the market for “fear of missing out” (FOMO). The platform, which warns that it may lead to an important price correction, warns that the price support of 18.5 thousand dollars should hold.
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