Renowned trader and technical analyst Peter Brandt has shared a noteworthy price prediction for Bitcoin.
Brandt, who gained notoriety in the crypto community for predicting the sharp decline in 2018, responded to former NBA star Scottie Pippen’s optimistic Bitcoin post via the X platform.
Brandt indicated that he could buy Bitcoin around $42,000, pointing to a support level he calls a “banana” pattern. According to the experienced analyst, this pattern suggests that Bitcoin could surpass $250,000 by the end of 2029.
Brandt’s “banana” pattern is based on a long-term channel model that resembles a banana shape on a logarithmic chart. The lower band of this channel has largely accurately predicted the bottoms of bear markets in the past. According to Brandt, the current price structure is also hovering near this lower band, which is a strong support zone.
The model’s lower limit is around $42,000, while the upper band indicates a parabolic rise in the long term. The analyst argues that if this technical structure is maintained, Bitcoin could reach new all-time highs in the coming years.
On the other hand, Peter Brandt stated that he has extremely negative views about Ethereum.
*This is not investment advice.
