Following the latest election-driven rally, Bitcoin has entered a critical phase, as it prepares to breach a triangle pattern identified by Peter Brandt.
The veteran trader recently updated his Bitcoin analysis, particularly in respect to the halving cycle. In an updated weekly chart analysis, Brandt noted the importance of Bitcoin’s current position relative to an inverted broadening triangle pattern.
Bitcoin Claims New ATH
Bitcoin’s recent rally, fueled by a favorable environment after crypto-supporting candidate Donald Trump’s U.S. election win, pushed it to a new all-time high of $76,481. This surpassed the previous peak of $73,794, which marked the culmination of a long period of bullish momentum.
After a slight pullback, Bitcoin closed at $75,637, a strong indicator that the bulls are still in control. With a 9% gain in a single day, the pioneering crypto asset recorded its largest intraday gain since August. This compounded optimism around a more extensive upward trend.
Brandt’s Inverted Broadening Triangle
Brandt’s recent chart considers this new upsurge. The weekly chart shows Bitcoin breaking through an inverted broadening triangle. The market veteran identified this structure last month, previously suggesting that it is imperative for BTC to break it.
Brandt indicated that Bitcoin was still at risk while it remained within this pattern. To him, a decisive break of the structure would feature a bullish close above $76,000 on Sunday. Now, with Bitcoin currently trading for $74,844, it is only a 1.5% gain away from reclaiming the $76,000 mark as Sunday approaches.
Further, the weekly moving average is at $67,045, now well below the current price, indicating strong momentum and a well-supported bull run. As the buying volume surges, Bitcoin finds itself in a more favorable position, moving closer to Brandt’s target zone of $76,000.
Timeline for Bitcoin to Reach $150K
The latest analysis from Brandt also considers the halving cycles, especially following the latest halving in April 2024. According to the market analyst, following the recent price surge, Bitcoin has entered the “sweet spot” of the current halving cycle.
His analysis highlights two periods of 518 days, representing Bitcoin’s growth before and after the halving. This timeline is in sync with prior halving cycles. In these previous cycles, Bitcoin reached all-time highs 1.5 years after the event.
Considering this pattern, Brandt expects Bitcoin to top out around August or September 2025, essentially a year from now. Remarkably, his peak target for this period is in the $130,000 to $150,000 range. Last month, the market analyst identified $135K as Bitcoin’s macro top for this cycle.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/11/07/bitcoin-eyes-triangle-breach-in-latest-push-brandt-sets-timeline-for-150000-price-top/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-eyes-triangle-breach-in-latest-push-brandt-sets-timeline-for-150000-price-top