Brandt: Bitcoin (BTC) Target Is This Level
While the cryptocurrency markets are on the rise, famous crypto analyst Peter Brandt, known for his predictions for the leading cryptocurrency Bitcoin, stated his targets for the next levels of the leading crypto.
According to Brandt, the leading BTC should quickly reach its projected price target. Senior analyst Peter Brandt has spotted a rare price bottom pattern called a “double-walled fulcrum” in Bitcoin charts. The analyst claimed that the price target is in the mid range of $25,000.
“The bottom in $BTC is a double walled fulcrum pattern. Extremely rare. The 2X target is mid 25’s.”
Brandt went into more detail in a TradingView post. The analyst warns that Bitcoin should quickly reach its set price target of $25,500 or test its foothold, which is around the $15,000 price point.
In terms of context, a fulcrum is a reversal pattern similar to the double top or double bottom chart pattern that occurs when the price is unable to break through the previous high or low swing after pushing up or down. As a result, it represents a potential turning point as it signals extinction. In particular, reference points are observed in point and figure (P&F) charts. These charts record a certain amount of price movement, not price movement over time.
Although Bitcoin has not been able to overcome the resistance of $ 24 thousand for now, it is estimated that the main focus of not breaking this resistance point is the American Federal Reserve (FED). The FED, which will raise interest rates on February 1, naturally created an atmosphere of fear in risky markets. The fact that the FED does not take a decision above expectations (25 basis points increase in interest rates) may allow BTC to rise to $ 25 thousand.
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