U.Today

The recent jump in the price of Bitcoin (BTC) to $73,620, almost reaching its all-time high from March, has led to some interesting insights from notable analysts, including veteran trader Peter Brandt. Many consider Brandt a trading legend, known for his disciplined approach to technical analysis since the 1970s.

He also shared his thoughts on the outlook for Bitcoin's current market and hinted at a research project he is working on. The goal is to uncover "real classic patterns" in Bitcoin's price history, focusing on unique chart structures related to the cryptocurrency's market cycles.

If Brandt releases his study on historical price patterns, it could uncover repeating structures that he believes are real indicators of Bitcoin's price behavior. This could lead to new insights into past market cycles of the "new gold" and unique patterns that may influence future price expectations.

Trader's Thoughts on Bitcoin's Current Price Movement

He shared ideas regarding where the cryptocurrency might head next. Utilizing semi-log and linear scale measurements, he identified a target near $94,000 per Bitcoin based on a measured triangle pattern move. He also considered price swings from the November 2022 low to the March 2024 high, including levels observed in August 2024.

Despite all these projections, Brandt emphasized he is focusing on one target at a time, remaining cautious with predictions and prioritizing risk management.

This article was originally published on U.Today