Analyst Who Knows Every Step of BTC: Bitcoin Reflects This Asset!

Legendary analyst Peter Brandt compared Bitcoin’s current market structure to previous gold bull phases. Brandt focuses on the “Inverted Head and Shoulders” pattern on the BTC price chart. This pattern is similar to previous patterns indicating a bull run in gold, including the SPDR Gold Trust (GLD). In this context, Brandt points to the next bull run for Bitcoin.

Peter Brandt detected a similar formation in Bitcoin and gold!

Experienced analyst Peter Brandt recently asked a thought-provoking question to his followers on X. Brandt asked if the current Bitcoin chart would develop into a daily chart fractal similar to gold’s performance in the 2008-2009 or 2020-2024 periods. This question arose when Bitcoin’s price chart showed a contrarian head and shoulders pattern, which is a technical pattern that is often seen as a bullish indicator and precedes a gold breakout in the periods mentioned above.

The reversal head and shoulders pattern is a well-known technical analysis pattern that typically signals a reversal from a downtrend to an uptrend. This formation consists of three main components. These are: the left shoulder, which is a price drop followed by a rise, the second is the head, which is more obviously a price drop and then another rise. The third is the right shoulder, where there is a smaller decline followed by another rise.

Historical patterns of Bitcoin and gold

According to the BTC chart presented by Peter Brandt, Bitcoin is in the process of completing this formation. Additionally, it is currently forming the right shoulder, creating interest in potential implications for future price movements. Brandt’s question focuses on whether Bitcoin’s current chart will follow the fractal patterns of the 2008-2009 and 2020-2024 periods, when gold broke out of the contrarian head and shoulders formation.

The experienced analyst presented two gold charts from both periods; For gold, the 2008-2009 period showed much more valuable interests compared to the 2020-2024 period, which showed less interest. The timing of Brandt’s question coincides with a period of uncertainty in which Bitcoin has fallen to a one-month low as outflows from digital asset investments and the possibility of higher US borrowing costs for longer weaken the cryptocurrency market. As Bitcoin’s chart continues to evolve, traders and investors are eagerly watching for signs of what historical pattern it may follow. It remains to be seen whether Bitcoin will mirror Gold’s performance in mid-2008-2009 or 2020-2024.

Bitcoin market sentiment and accumulation trends

Market sentiment plays an invaluable role in this analysis. BitcoinHabebe, an analyst, points to a 25% price recovery from the $57,000 to $58,000 level as a sign of buyer interest. Another analyst, MikybullCrypto, points to a “cup and handle” pattern on Bitcoin’s macro time frame, implying a breakout that could be the last bull run of the current cycle. Additionally, Bitcoin recently reached the 128-day moving average (DMA), an important level usually seen in bull markets.

On-chain information is also compatible with the bullish belief. Moreover, during the recent price drops, whales transferred 20,000 BTC to their savings addresses. This is the highest number on record. This base buying activity shows that investors continue to have confidence in Bitcoin’s ability to rise even as prices decline and the overall market weakens.

Current price movements and short-term forecasts

cryptokoin.com As you can see from , BTC is floating between key support and resistance zones. Analyst Jelle points out that the market is still changing as it makes local bottoms and tops without setting new lows. This suggests that the market is at an inflection point and whether it will rise to $67,000 or continue to fall below $65,000 in the next few weeks depends on the outcome.

On the same note, the recent price trend showed Bitcoin trading below $65,000 due in part to outflows from US spot BTC ETFs due to the Fed’s hawkish approach. However, valuable accumulation and positive on-chain metrics present a bullish outlook. This is complemented by Michael Saylor’s MicroStrategy’s plans to raise funds to purchase more Bitcoin. This increases expectations for future price movements.