Veteran analyst Peter Brandt thinks that Bitcoin (BTC) has more upside potential after breaking out from an “extremely rare” technical pattern.
Brandt tells his 695,200 Twitter followers that Bitcoin is likely to see more rallies after BTC took out the resistance of a fulcrum pattern around $19,000.
“The bottom in BTC is a double-walled fulcrum pattern. Extremely rare. The 2X target is mid $25,000s.”
Fellow crypto analyst Cheds is also keeping a close watch on the $25,000 price level for Bitcoin. The trader shares his bull and bear scenarios for Bitcoin, arguing that BTC remains in a macro downtrend until it takes out resistance at $25,500.
“Bull: Observed the significant blow to bear momentum with bulls breaking back into 150-day range, closing multiple days above 200-day moving average first time since 12/21, and breaking lower high structure on daily.
Bear: price still below 200-week moving average and $25,500 trigger level. Bearish re-test until.”
He also shares a chart showing that $25,500 is the bears’ last line of defense.
“BTC weekly chart.
Bear thesis dead if price flips $25,500.”
Meanwhile, popular crypto analyst Kaleo believes that Bitcoin will easily slice through resistance at $25,500.
“Full send soon, please and thanks. Sometimes it really is that simple… Something like this makes sense.”
At time of writing, Bitcoin is trading for $22,818, down over 4% on the day.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Source: https://dailyhodl.com/2023/01/31/legendary-trader-peter-brandt-says-bitcoin-flashing-rare-bullish-signal-heres-his-target/