Experienced trader Peter Brandt is mapping out a potential price trajectory for Bitcoin that could see BTC significantly break out of its current price stagnation and reach new all-time highs.
Sharing a chart with his 737,800 followers on X, Brandt suggests that Bitcoin is following a parabolic curve pattern on the weekly chart.
Brandt also indicates that Bitcoin seems to be forming a large cup-and-handle pattern that dates back to late 2020.
“Could we be enjoying Tea and Crumpets on this chart?”
A cup-and-handle formation is typically seen as a bullish continuation pattern, indicating that an asset is consolidating after a strong rally before breaking through a key resistance level.
Based on Brandt’s chart, it appears that $73,734 is the critical level to surpass. The chart also depicts a parabolic curve pattern that could propel Bitcoin above $150,000 in the coming year.
Currently, Bitcoin is trading at $57,652, suggesting potential gains of 160% if BTC reaches Brandt’s bullish target.
Last week, Brandt cautioned that Bitcoin could experience another drop below $50,000 if bullish momentum fails to materialize.
“A test of the lower boundary could see a drop to $46,000 or so. A strong surge to new all-time highs is needed to get this bull market back on track.
Selling pressure outweighs buying interest in this [inverted expanding triangle] pattern.”
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Generated Image: Midjourney
