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.
Bitcoin’s network hashrate has fallen 3.5% since mid-June, marking the sharpest decline in computing power since July 2024.
Bitcoin has officially overtaken Alphabet (Google’s parent company) in global asset rankings, becoming the sixth most valuable asset in the world, according to the latest real-time market data.
Philippe Laffont, the billionaire behind Coatue Management, is beginning to question his stance on Bitcoin.
Personal finance author Robert Kiyosaki is urging investors to rethink their approach to money as digital assets reshape the economic landscape.