Peter Brandt, a veteran analyst closely followed in the market with 50 years of experience, has made a new post regarding Bitcoin (BTC).
According to Peter Brandt, Bitcoin is forming an upward trend in the short term.
Technical analyst Peter Brandt shared a chart showing the “Big Banana” formation.
Pointing out that there is a massive upward-curving channel in the long-term weekly chart spanning from 2014 to 2027, the analyst argued that a similar pattern is forming in the short term as well.
Accordingly, the analyst noted that a smaller, similar curve, the “Little Banana” formation, is currently forming on the daily chart around $69,000.
According to the analyst, the arrows on the chart clearly point upwards, indicating higher price targets for Bitcoin.
Peter Brandt also sharply responded to a prediction that Bitcoin would rise to $500,000. Rejecting the cup and handle pattern on which this prediction was based, the analyst argues that Bitcoin’s current chart structure cannot be described as a “cup and handle” formation in any way.
*This is not investment advice.