Veteran Trader Peter Brandt Announce BTC Bullish Outlook

Peter Brandt, the author of the Diary of a Commodity Trader who doubles as the Chief Executive Officer (CEO) of global trading firm Factor LLC, attested to the fact that Bitcoin (BTC) is taking on a bullish pattern. At the same time, the professional trader mentioned that no one knows for sure how the market would turn out. For now, BTC price has gained up to 28%, regaining all that was lost following the implosion of the FTX exchange.

“Any idiot can make wild guesses about markets, so here is my dunce-hat prediction. In reality, nobody has a clue what any given market will do. $BTC,” Brandt tweeted on Sunday

According to weekly and monthly charts shared by Brandt, the largest digital currency by market capitalization is headed towards an inverted and shoulder pattern. 

On a short-term basis, he predicted that the Bitcoin market price will reach $25,000 before it will retract toward the potential neckline attempting to achieve a pattern. Brandt has marked this neckline support to be around $18,387.

Prediction Place BTC Around $50k 

On the other hand, the veteran trader sees BTC hitting $50,000 in 2023 in the long run and double that in 2024, however, this will be after it has dropped below $34,000. From Peter Brandt’s analysis and charts, he believes that BTC has already hit its all-time low, that is, the bottom of the cycle. Therefore, the widely celebrated digital asset will not plummet to $13,000 anymore.

Maartunn, an author with the on-chain analytics platform CryptoQuant, shares a similar opinion with the professional trader concerning the bullish run of Bitcoin. A few hours before Brandt made his dunce-hat prediction post, Maartunn shared his analysis suggesting that the price recovery of BTC is a range reclaim. In his case, he sets a weekly chart target for the coin at $60,000.

Much to the disappointment of many anti-BTC personalities like Peter Schiff who asked investors to empty their portfolios of BTC and Jim Cramer who said the same thing, the coin has been on a gradual climb. At the time of this writing, Bitcoin was trading at $20,764.91 according to Coinmarketcap.