Bitcoin could rise sharply if this pattern plays out, says top analyst

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Bitcoin (BTC) has been going through a volatile period lately. While it even briefly dropped to a price below $57,000, the digital currency currently appears to be stabilizing again around a higher level of $63,500. Experienced trader Peter Brandt sees this as a positive sign and remains bullish.

Brandt expects BTC to regain its previous high of $73,700 soon as it becomes a classic bullish pattern continues. On the social media platform X, the trader showed a graph with various conditions for such an increase.

If Bitcoin can hold these lows and move higher the chart will qualify as a very common bull market continuation chart construction. $BTC pic.twitter.com/M8pBTUwszt

— Peter Brandt (@PeterLBrandt) May 2, 2024

The graph that Brandt shows is a so-called “bull market continuation chart construction“. This means that if Bitcoin can hold current price levels and continue to rise, it will exhibit a pattern that often occurs during bull markets. Ultimately, this suggests that the upward trend will continue.

Conflicting bitcoin predictions

Whether we should believe the trading veteran is still debatable. Although he correctly predicted the crash of the crypto market in 2018, Brandt was even more pessimistic a few days ago.

On his own website mentioned the analyst that the recent all-time high (ATH) could be the peak of the current cycle and the bull market may already be over. It is in stark contrast to his other optimistic predictions, in which he predicted a continuation of the bull run until September 2025 and prices up to $200,000.

Brandt based this cautious forecast on the statistical concept of “exponential decay,” stating that bitcoin’s growth becomes less and less strong during each bull market.

BTC whales seize buying opportunity

For now, Whales seem to agree with Brandt’s optimistic prediction. According to facts from blockchain analysis platform CryptoQuant, BTC whales have stocked up on more than 47,000 BTC, worth $2.8 billion, within 24 hours, following Bitcoin’s recent dip below $60,000.

The accumulation indicates growing confidence in the future of the cryptocurrency. After the dip, the bitcoin price rose more than 4.5%, with individual and institutional investors such as BNP Paribas and sovereign wealth funds strengthening their positions.

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