Veteran trader Peter Brandt remains optimistic about Bitcoin but expresses concerns about potential bearish patterns on the chart.
Analysis of Bitcoin's Current Dynamics
Bitcoin (BTC) has reached a historic high, surpassing $112,000. Peter Brandt noted the formation of an expanding inverted triangle on the price chart, arguing that this pattern has a "higher rate of morphing" compared to a horizontal pennant. Nonetheless, he stays bullish on the asset, setting short-term targets at $120,958 and $134,886. Brandt warns that a decline below $107,000 could indicate a bearish trend.
Forecasts from Other Analysts
Other analysts are also optimistic about BTC's growth. User CRYPTOWZRD suggests that Bitcoin could rise to $132,500 based on the potential formation of an inverse head-and-shoulders pattern. KALEO predicts an even more optimistic scenario with a rise to $500,000.
Technical Indicators and Their Significance
Some indicators support the bullish theories. BTC's netflow on exchanges has predominantly been negative over the last month, indicating a shift to self-custody methods and reducing immediate selling pressure. However, the Relative Strength Index (RSI) is close to 70, suggesting a possible short-term pullback in prices.
Thus, despite the optimistic forecasts and rapid price increases for Bitcoin, there are several risks that investors should consider.
