As Bitcoin has surged past $82K today, seasoned analyst Peter Brandt identified a bullish pattern that could drive Bitcoin beyond $240K.
Bitcoin reached a historic milestone early Monday, trading above $82,000 for the first time. This surge follows a post-election rally driven by market optimism surrounding President-elect Donald Trump’s commitment to supporting the cryptocurrency sector.
Amid this surge, legendary trader Peter Brandt pointed to a rare pattern that could signal even higher Bitcoin prices. His analysis highlights a bullish “Inverse Head and Shoulders” (H&S) pattern, which typically indicates a reversal in price trends.
Major buy signal over the weekend in Bitcoin $BTC pic.twitter.com/DBedJusTUm
— Peter Brandt (@PeterLBrandt) November 11, 2024
Bitcoin Inverse Head and Shoulders Analysis
Brandt’s chart analysis reveals the left shoulder forming in mid-2021, followed by the head in early 2022 when Bitcoin’s price dipped to approximately $15,000. The right shoulder formed in 2024, completing this rare pattern.
Historically, this setup suggests significant upward momentum, with Brandt projecting Bitcoin could surpass $240,000 if the pattern holds true.
In a separate analysis, Brandt compared Bitcoin’s current trajectory to Gold’s rally in 2010. Gold’s price surged past the $1,000 mark and eventually doubled, reaching over $2,672 after the inverse head and shoulders pattern formed.
Brandt’s comparison suggests Bitcoin could follow a similar path, with the $200,000 target aligning with other bullish market forecasts.
Analyst Warns of Short-Term 25% Corrections
Despite the optimism, investor Alistair Milne anticipates a potential correction before Bitcoin reaches $100,000. He foresees a 20-25% dip, which could bring Bitcoin’s value back to the $60,000 range. Milne warns that sellers may capitalize on gains at levels above $95,000, temporarily slowing the rally.
However, analysts point to sustained interest from institutional and retail investors as a crucial factor in driving long-term growth. This persistent demand could offset short-term corrections and ultimately propel Bitcoin’s price well beyond $100,000.
On the other hand, crypto analyst Tuur Demeester has observed a notable shift in Bitcoin’s relationship with the stock market, suggesting a potential decoupling.
His analysis highlights Bitcoin’s performance against the Dow Jones Global Index (DJW) from 2020 to November 2024. This move could signal its growing independence from broader financial markets and lead to further gains.
