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Veteran trader Peter Brandt claims Bitcoin could target $25,000 after completing a very rare chart pattern.
Veteran commodities trader Peter Brandt recently tweeted about his latest analysis of Bitcoin (BTC). He believes BTC’s price trough is forming a “double wall fulcrum pattern”. he thinks be a very rare occurrence. He also said that his 2x target for cryptocurrency is his mid $25,000.
The “Double Wall Fulcrum Pattern” is a technical chart pattern that Brandt himself seems to have introduced. It is not a widely recognized pattern in traditional financial markets and is not included in the standard set of chart patterns used by technical analysts.
Brandt’s latest analysis of the Bitcoin market has generated a lot of interest among traders and investors. Given his extensive experience in the financial markets and his previous views on Bitcoin, his analysis is likely to be followed closely by those in the industry.
Still, some scoffed at Blunt’s recent chart patterns. “Great how he figured out the pattern now that he’s 4% away from his goal. Very actionable. Impressive hindsight,” Twitter Tweeted with sarcasm.
The cryptocurrency market is off to a strong start to 2023, with Bitcoin leading the way with a 40% increase. While this recovery is part of a larger trend of increasing risk appetite, some skeptics question its sustainability given concerns about the economy and warnings from some of the global markets.
Despite these uncertainties, momentum continues, with one strategist targeting $25,000 for Bitcoin, on track for its best month since December 2020. An upcoming speech by Federal Reserve Chairman Jerome Powell could also affect market expectations.
