In a chart attached to the caption "Major buy signal over the weekend in Bitcoin," the trader displayed what he believes is an inverted head-and-shoulders pattern, which was forming back at the end of 2020.
Major buy signal over the weekend in Bitcoin $BTC pic.twitter.com/DBedJusTUm— Peter Brandt (@PeterLBrandt) November 11, 2024
If this pattern is indeed what it looks like, Brandt's analysis suggests that Bitcoin could be positioned for a significant gain, with potential growth of over 300% from the recent low point of the 2022 bear market.
With this calculation, the chart hints that Bitcoin's next major price level may be above $200,000, a target that aligns with the historical gains seen in previous bullish cycles. This figure resonates with many Bitcoin enthusiasts, like Max Keiser, who have long speculated on the cryptocurrency’s potential to reach such levels during a full bull market phase.
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