Veteran trader Peter Brandt, known for his extensive experience in financial markets including cryptocurrencies, has made a bold prediction: Bitcoin (BTC) could surge to $150,000. Brandt’s analysis is based on the seven-month inverted expanding triangle pattern, a crucial technical formation that has been evident since March 2024. This pattern of lower highs and lower lows signals a possible upward breakout, positioning Bitcoin for a substantial price increase, according to Brandt.
Backing his analysis with action, Brandt disclosed that he holds a significant speculative position in Bitcoin, demonstrating his confidence in the cryptocurrency’s future.
Outlook on Other Cryptocurrencies: Ethereum, Solana, and Gold
Brandt also shared insights on other leading assets like Ethereum and Solana. He mentioned a potential “cup and handle” formation for Solana (SOL), which might signal an upward breakout, but he remains neutral on the token for now. As for Ethereum (ETH), while the asset has formed an inverted head and shoulders pattern, which is typically seen as bullish, Brandt has no exposure to Ethereum at present, highlighting his flat stance.
Interestingly, Brandt compared Bitcoin with gold, identifying an inverted head and shoulders pattern in the Bitcoin-to-gold ratio chart. This comparison suggests that Bitcoin could outperform gold by more than 400%, according to the chart. Despite this, Brandt remains long on both gold and Bitcoin, reaffirming his belief in both assets’ potential as stores of value.