Peter Brandt, a commodities trader, recently tweeted his latest analysis of Bitcoin (BTC). He believes that the low in the price of BTC has formed a “double-walled support point pattern“, that’he considers is an extremely rare event. He also stated that his 2X goal for the crypto-currency is $25,000.
Peter Brandt (@PeterLBrandt) January 29, 2023
The “double wall pivot model“is a technical chart model that appears to have been introduced by Brandt himself. It is not a widely recognized pattern in the traditional financial market and is not included in the standard set of chart patterns used by technical analysts.
Image by @PeterLBrandt
Peter Brandt’s latest analysis of the bitcoin market has generated considerable interest among traders and investors. Given his extensive experience in the financial market and his previous positions on bitcoin, his analysis is likely to be closely followed by industry players.
Awesome how he figured out the pattern now that we’re 4% away from his target. Very actionable. Impressive hindsight.
Awawat (@Awawat_Trades) January 30, 2023
Yet some have ridiculed Brandt’s recent graphic configuration. “It’s great how he has figured out the pattern now that we are 4% of the way to his goal. Very practical. Impressive hindsight“, said on Twitter the analyst Awawat
The crypto-currency market is off to a good start in 2023, with bitcoin leading the charge with a 40% increase. The rebound is part of a broader trend of increasing risk appetite, but some skeptics doubt its longevity due to concerns about the economy and warnings from some parts of the global market.
Despite these uncertainties, momentum continues, with one economist targeting $25,000 for bitcoin and it poised to have its best month since December 2020. Federal Reserve Chairman Jerome Powell’s upcoming speech could also impact market expectations.