Peter Brandt Predicts Bitcoin Surge to $150,000 Amid Strong Technical Patterns
Veteran trader Peter Brandt, with over 50 years in the financial markets, including cryptocurrencies, has recently shared an optimistic outlook for Bitcoin (BTC). He anticipates a significant price surge for the leading cryptocurrency.
Brandt’s analysis centers on a seven-month inverted expanding triangle pattern that has remained intact since March. This pattern, characterized by lower highs and lower lows, suggests that Bitcoin is poised for a substantial increase, potentially reaching as high as $150,000 per BTC. He has also disclosed that he holds a considerable speculative position in Bitcoin.
#6
Bitcoin $BTC
7 month inverted expanding triangle continues to form
The sequence of lower highs and lower lows from Mar 2024 has NOT yet been violated#6
Long Bitcoin is my single largest speculative position pic.twitter.com/DZHLS8gMMU— Peter Brandt (@PeterLBrandt) October 21, 2024
In addition to his Bitcoin analysis, Brandt offered insights on other major cryptocurrencies such as Ethereum and Solana. He mentioned a possible “cup and handle” pattern for Solana, indicating a potential upward breakout, although he remains neutral on the token.
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As for Ethereum, he identified an inverted head and shoulders pattern, which is typically seen as bullish, yet he expresses a neutral stance, having no current exposure to the asset, which he has referred to in unflattering terms.
#2
Bitcoin/Gold ratio $BTC / $GC_F
Massive continuation inverted H&S on weekly chart
I am long Gold futures and $GLD pic.twitter.com/TCHxcW5fa8— Peter Brandt (@PeterLBrandt) October 21, 2024
Brandt also compared Bitcoin’s performance to that of gold, the most analyzed asset alongside Bitcoin. He pointed out an inverted head-and-shoulders pattern in the Bitcoin-to-gold ratio chart, suggesting that Bitcoin could rise over 400% against gold. Despite his bullish outlook for Bitcoin, Brandt maintains long positions in both the cryptocurrency and the precious metal.