A top cryptocurrency analyst that has gained a large following on social media after accurately in January 2018 Bitcoin’s 84% decline throughout that year, has said $BTC recently flashed an “extremely rare” bullish signal.
On Twitter, Brandt shared a chart with his nearly 700,000 followers on the microblogging platform showing that Bitcoin is likely to rally upward to the mid $25,000s after flashing an “extremely rare” bottom pattern.
The trader’s bottom pattern uses a fulcrum point, which refers to a turning point that “marks a major change in direction for a security,” according to Investopedia. It indicates that a large price movement is set to soon occur.
The lowest point on an asset’s chart is the fulcrum point when the stock shifts from a downward trend to an upward trend. Similarly, the highest point is the fulcrum point when the stock shifts from an upward trend to a downward trend.
As CryptoGlobe reported, Brandt has recently suggested that there’s potential for Bitcoin to hit $150,000 by 2025 by pointing to an inverse head and shoulders pattern, which could push $BTC to $30,000 by the second quarter of this year.
An inverse head and shoulders pattern is the opposite of the standard head and shoulders pattern. It is used to predict the reversal of downtrends. The pattern is identified when the price of a security reaches a low point, rises, falls again below the previous low point, then rises again, and finally falls a third time but not as low as the second trough.
After the third trough, the price moves upward towards the resistance level at the top of the previous troughs. Brandt’s chart suggested that before moving to $150,000, BTC would hit $70,000 and reserve to correct back down to $33,000, ahead of a major rally that would help the flagship cryptocurrency surpass six digits per coin.
Featured Image via Pixabay
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://www.cryptoglobe.com/latest/2023/01/bitcoin-btc-flashes-extremely-rare-bullish-signal-veteran-trader-says/