Peter Brandt, a trader with over 40 years of experience, has stated that Bitcoin (BTC), the largest cryptocurrency by market cap, has more upside potential after breaking out of an extremely rare technical pattern.
According to the veteran trader in a recent tweet, Bitcoin (BTC) will possibly see more rallies after taking out the resistance of a fulcrum pattern around $19,000.
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Peter Brandt tweeted, “The bottom in $BTC is a double walled fulcrum pattern. Extremely rare. The 2X target is mid 25,000s.”
The bottom in $BTC is a double walled fulcrum pattern. Extremely rare. The 2X target is mid 25's. pic.twitter.com/NfffzbniO5
— Peter Brandt (@PeterLBrandt) January 29, 2023
Similarly, a fellow crypto analyst, Cheds, is keeping a close watch on the $25,000 price for Bitcoin (BTC). Sharing his bull and bear scenarios, the trader said Bitcoin remains in a macro downtrend until it overcomes resistance at $25,500.
“Bull: Observed the significant blow to bear momentum with bulls breaking back into 150-day range, closing multiple days above 200-day moving average first time since 12/21, and breaking lower high structure on daily.
“Bear: price still below 200-week moving average and $25,500 trigger level. Bearish re-test until.”
Bull: Observed the significant blow to bear momentum with bulls breaking back into 150 day range, closing multiple days above DMA 200 first time since 12/21, and breaking lower high structure on daily
Bear: price still below WMA 200 and 25.5k trigger level. Bearish re-test until
— Cheds (Trading Quotes) (@BigCheds) January 29, 2023
The analyst also shares a chart that shows that $25,500 is the last hope of defense for bears.
“BTC weekly chart. Bear thesis dead if price flips $25,500.”
$BTC weekly chart –
Bear thesis dead if price flips 25.5k pic.twitter.com/jwmPoY0O3m
— Cheds (Trading Quotes) (@BigCheds) January 21, 2023
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Meanwhile, another popular crypto analyst Kaleo believes that Bitcoin (BTC) will easily beat $25,500 resistance.
“Full send soon, please and thanks. Sometimes it really is that simple… Something like this makes sense.”
$BTC weekly chart –
Bear thesis dead if price flips 25.5k pic.twitter.com/jwmPoY0O3m
— Cheds (Trading Quotes) (@BigCheds) January 21, 2023
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