Bitcoin (BTC) has surpassed the critical threshold of $100,000 in the rally that began after Donald Trump’s victory. While this record is seen as one of the most important bullish milestones of the 2024/2025 bull market, the BTC price has been performing relatively poorly in recent weeks.
Analysts have noted that preparations for a parabolic altcoin season in 2025 have negatively impacted Bitcoin’s bullish sentiment.
At this point, veteran analyst Peter Brandt, with 50 years of experience, said that the Bitcoin price is at a critical junction.
According to Brandt, Bitcoin has two options ahead: a rally towards $120,000 or a further correction towards the support level above $78,000.
In terms of the bullish outlook, Brandt stated that the Bitcoin price could form the famous Hump Slump Bump Dump Pump (HSBDP) chart pattern.
In terms of the possibility of a correction, Brandt said that Bitcoin could potentially form a head and shoulders (H&S) pattern on its daily chart, which could lead to a significant drop.
This is a head and shoulders top pattern. It might complete and take price to $78,000; it might fail with a thrust hire: or, it might morph into something else. But as it stands right now, it is a head and shoulders top and must be chartist dealt with for what it is. pic.twitter.com/b9AUUO7ddL
— Peter Brandt (@PeterLBrandt) December 29, 2024
*This is not investment advice.
