Famous trader and analyst Peter Brandt once again caught the attention of the cryptocurrency community with his bullish outlook on Bitcoin (BTC). In a new article dated November 9, Brandt highlighted a very important bullish formation for the leading cryptocurrency. Here are the details…
New prediction from Bitcoin master
Brandt pointed out a pennant formation on the Bitcoin chart and emphasized that the formation was successfully broken. Warning that confirmation would be needed for continued upward movement, Brandt suggested a potential target of $43,289 based on the inside measurement of the flag. The experienced analyst also outlined the head-and-shoulders formation and set $35,135 as the lower target and $41,341 as the upper target. Brandt’s technical analysis, which previously predicted a rise from $30,000 to $35,000, also pointed to the possibility of a similar rise.
In a separate analysis, Brandt noted that the flag formation on the Ethereum (ETH) chart has been confirmed, raising expectations for a potential uptrend in the near future. According to CoinGecko data, Bitcoin has gained 0.7% in the last 24 hours and is currently trading at $37,160. Brandt reiterated his optimistic stance as Bitcoin rose above $37,000 once again. Emphasizing that a flag formation has formed on the BTC chart, Brandt suggested that Bitcoin could reach $ 43,289 if the formation is confirmed.
What is Brandt’s technique?
“In the case of a flag or pennant formation on the chart, measure the height of the flagpole and add the same measurement to the last small level inside the flag,” Brandt said, sharing his target finding technique. This technical led him to the $43,000 level as a potential target. Flag formations, which indicate that the short-term trend continues, are critical. Because it is closely watched by crypto investors for potential price movements. It is worth noting that Brandt made a long-term prediction for Bitcoin in an earlier prediction, stating that new all-time highs (ATHs) would not occur until the third quarter of 2024.
Despite this long-term outlook, the current focus remains on immediate upside potential highlighted by confirmed chart patterns. Earlier this week, Bitcoin was struggling to break above $35,000 and even fell as low as $34,500 a few times. However, the landscape began to change on Tuesday, when BTC rose to $36,000. After a brief pullback and a few days spent near $35,000, the asset went on the offensive late Wednesday and Thursday. The bull’s price increase resulted in it reaching an 18-month high of $38,000. However, the bears stopped the move and did not allow any further rise.
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