Peter Brandt, one of the early pioneers in the commodity hedge fund arena, has recently published a post on social media platform X (previously Twitter), indicating that Bitcoins may fire up.
In a recent tweet, Peter Brandt illustrated three chart patterns on the Bitcoin chart and hinted at their potential outcomes. The price trend would send Bitcoin beyond $43,000 if it were confirmed. After demonstrating to his X followers how to determine the probable objective for a pennant or flag formation, Brandt predicted that Bitcoin might rise as high as approximately $43,289 should this pattern hold.
Pennants and flags are patterns of short-term continuity that denote a brief period of consolidation before the resumption of the previous rise. That is why Brandt also plotted a head and shoulders bottom for Bitcoin with a lower target of $35,135 and a higher target of $41,341. In the same situation, he offers a $37,803 lower objective and a $39,432 upper target if a rectangle pattern on the Bitcoin chart is validated.
For the first time since May 2022, Bitcoin (BTC) prices crossed $37,000 on Thursday, extending the largest digital asset’s phenomenal recent surge. Bitcoin hit a record high of $37,999 on Thursday, the highest since May 2022. Bitcoin was trading at $36,557, down 0.63% over the previous day, having given up some of its intraday profits.
The biggest cryptocurrency by market value, Bitcoin, has recently surged due to rumors that U.S. regulators may permit Bitcoin spot ETFs. Some analysts believe this will draw a flood of capital into the cryptocurrency. On the Delaware Division of Corporations website, an iShares Ethereum Trust was registered on Thursday. Speculation began when the iShares Bitcoin Trust received a similar email on June 8, one week before BlackRock registering for a Bitcoin ETF.
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