The price of Bitcoin (BTC) recently surpassed $82,000, reaching several new all-time highs (ATH) since the beginning of the month.
Amid this rally, renowned trader Peter Brandt pointed to an unusual pattern that could potentially lead to even higher prices.
This is called a complex continuation inverted H&S pattern – I know that’s a mouth full
Lots of chartists deny its existence – not me
Also not Schabacker, Edward and Magee – check for yourself
Note the similarities to Gold in 2009-2010
Complex shoulders, stunted RS$BTC $XAUUSD pic.twitter.com/6YfzDsq5Om— Peter Brandt (@PeterLBrandt) November 10, 2024
Brandt showed two comparative charts of Bitcoin and gold, identifying a complex continuation of an inverted “head and shoulders” (H&S) pattern in Bitcoin’s price movement.
He noted that many chart analysts ignore this rare pattern, despite its clear visibility.
Citing a similar configuration on a 2010 gold chart, in which the price broke through $1,000 resistance and eventually climbed to $2,672, Brandt suggested that Bitcoin could follow a similar trend.
If this pattern plays out, the price of BTC could potentially reach $200,000 in the future.
Amid this rally, renowned trader Peter Brandt pointed to an unusual pattern that could potentially lead to even higher prices.
On Monday alone, U.S.-listed spot BTC ETFs recorded more than $250 million in outflows—the third straight day of withdrawals—suggesting a shift in sentiment as investors reassess their exposure.
In an effort to broaden its investor base, the ARK 21Shares Bitcoin ETF (ARKB) will undergo a 3-for-1 stock split on June 16, making shares more affordable for everyday investors.
Following a 6.4% pullback from its record high of $111,980, Bitcoin has stirred debate among analysts about what comes next.
Japanese investment firm Metaplanet has made another bold move in the crypto space, acquiring 1,088 more Bitcoins in its latest purchase, and pushing its total holdings to 8,888 BTC—valued at over $930 million at current prices.