By Michael Scott
Bitcoin’s rally above $90,000 is imminent as analyst Peter Brandt locates a bullish pattern fueling BTC to a $240K target.
Bitcoin realized a historic milestone early Tuesday, surging past $89K for the first time. The Bitcoin uptick today underscores the best weekly run for the premier crypto asset since the US banking crisis witnessed in 2023.
Looking into the daily charts, the post-election Bitcoin surge appears fueled by the market optimism of President-elect Donald Trump fulfilling his commitment to support the crypto sector.
Amid this solid uptick, legendary analyst Brandt demonstrates a rare pattern suggesting a further upward trajectory for Bitcoin prices. His insight illustrates the bullish ‘Inverse Head and Shoulders’ (H&S) pattern that historically signals a reversal in the price trends.
Inverse H&S Supports Bullish Bitcoin Outlook
In his recent chart analysis, Brandt illustrates the left shoulder arose in mid-2021 with the head formation witnessed at the onset of 2022. The latter occurred when Bitcoin price slipped to change hands at $15,000. The analyst considers the right shoulder arose this year to complete the rare pattern.
The chartist considers the inverted H & S to signal the start of a major rally. As such, Brandt projects the upward momentum will drive Bitcoin to surpass $240,000 if the rare pattern holds true.
An earlier insight by Brandt featured a comparative outlook of BTC’s ongoing trajectory relative to the Gold surge in 2010. The analyst observes that Gold soared past the $1,000 price level to eventually surpass double at $2,672 following the inverse H&S pattern.
Brandt echoes the bullish market forecasts by indicating that Bitcoin could replicate the path and realize the $200,000 target.
Analyst Warns of Short-Term 25% Corrections
Investor Alistair Milne differs from the optimistic outlook by Brandt, instead anticipates correction before BTC tests $100K. The investor forecasts a 20-25% slip that will retrace the BTC’s value to the $60K range.
While Milne projects Bitcoin could test $95,000, the level may prompt the sellers to capitalize on the surge and take profits. Such occurrences could temporarily slow the current rally.
The analyst considers that the retail and institutional investors constitute a crucial factor in fueling long-term growth. The persistent demand will likely offset the short-term corrections, ultimately propelling BTC beyond the $100K.
Legendary analyst Tuur Demeester acknowledged the notable shift in the BTC price movement relative to the stock market. The crypto analyst suggests BTC is decoupling from the conventional stock market.
Demeester analysis illustrates Bitcoin’s performance relative to the Dow Jones Global Index (DJW) in 2020- 2024. The variance in movement signals Bitcoin is realizing increased independence from the broader financial markets, potentially leading to further gains.
Bitcoin Stages Impressive Weekly Return
Bitcoin has registered a strong rally in the past week lifting the price towards $90,000. The surge leaves BTC with the best run since the banking crisis that hit the US in 2023.
A glance at the charts shows BTC price trading above the $85K on Monday, November 11. The price emerged as a temporary pit stop as the lead crypto crossed $89,864.13 as of 06:55 UTC November 12, up 29% in the past week per CoinGecko data.
K33 Research executive Vetle Lunde considers the nearly 30% 7-day return to be the best weekly period since the banking crisis that hit the US last year. In a Tuesday, November 12 update on X, the researcher indicates that the 7-day return on Bitcoin saw its market value grow by $413 billion.
Lunde observed that the US suffered a banking crisis in March 2023 following the sudden implosion of Silicon Valley Bank. The collapse coincided with the move by Silvergate Bank to voluntarily liquidate.
The researcher recounts that New York regulators compelled Signature Bank to fold operations on March 12. BitMex former chief Arthur Hayes considers the banking turmoil would become the catalyst behind Bitcoin’s bull run in 2023.