Veteran trader Peter Brandt shows a price pattern that might lead to Bitcoin crossing the $43,000 mark if validated.
In recent tweets, Brandt illustrated three chart patterns on the Bitcoin chart while hinting at their potential targets.
Brandt demonstrated to his X followers how to estimate a probable target for a flag or pennant formation, implying that if this pattern is proven, Bitcoin may reach $43,289.
Here is another targeting technique. In the case of a flag or pennant, measure the flag pole height into the flag and project the same measurement from the last small reaction low within the flag $BTC https://t.co/EylfbXS3CN pic.twitter.com/dXJM6HGnFr— Peter Brandt (@PeterLBrandt) November 9, 2023
Flags and pennants are short-term continuation patterns that indicate a brief period of consolidation before the preceding advance resumes.
Brandt also charted a lower target of $35,135 and an upper target of $41,341 for a Bitcoin head and shoulders bottom. In a similar scenario, he provides a lower target of $37,803 and an upper target of $39,432 if a rectangle pattern on the Bitcoin chart is proven.
On Thursday, Bitcoin (BTC) prices surpassed $37,000 for the first time since May 2022, continuing the largest digital asset's enormous recent rise.
On Thursday, Bitcoin reached a high of $37,999 on the Coinbase crypto exchange, its highest level since May 2022. Bitcoin has given up some of its intraday gains and was trading at $36,557, down 0.63% in the last 24 hours.
Bitcoin recently climbed on speculation that U.S. regulators may legalize Bitcoin spot ETFs, which some analysts say will attract a torrent of investment money into the biggest cryptocurrency by market value.
On Thursday, an iShares Ethereum Trust was registered on the website of Delaware's Division of Corporations. Speculations arose as, on June 8, one week before BlackRock's registration for a Bitcoin ETF, the iShares Bitcoin Trust received a similar notification.