Bitcoin’s price has been trending upward since the beginning of last week, which has generated a lot of enthusiasm among traders and investors. At the time this article was written, the BTC Price was well over $21,000, representing a weekly increase of 22.7%. But can the king of cryptocurrencies maintain its optimistic stance over the long term?
What Peter Brandt Thinks?
Peter Brandt, a well-known trading expert, has taken to Twitter to share a chart that seems to show that he believes Bitcoin (BTC) is building a bullish chart pattern on longer timescales.
The expert trader anticipates a price increase to about $25,000 in the near future before the price of the asset falls down to retest the possible neckline in a bid to follow the trend. Interestingly, Brandt estimates that the cost of the neckline support will be around $18,387.5.
After falling to less than $34,000, Brandt anticipates that the value of the biggest crypto will rebound to at least 50,000 dollars before 2023 ends and spike up to more than 100,000 dollars in 2024.
How the crypto market is doing?
The crypto markets have staged a remarkable recovery over the course of the previous several days. According to statistics provided by CoinMarketCap, this resulted in the overall cryptocurrency market capitalization reaching $992 billion as of January 16. Bitcoin, which has been at the forefront of the return from the front, is worth $21,107 at press time.
Following the significant increase in price, the primary concern is determining if the subsequent recovery is only a dead cat bounce that presents a buying opportunity or the beginning of a new upward trend.
It is impossible to determine with absolute confidence whether a macro bottom has been formed, but the charts point to the fact that a process of bottoming out has started, and it is obvious that Brandt agrees with this assessment.