Legendary Bitcoin Trader Peter Brandt Says BTC Is Bullish, Opens Long Positions Targeting $72,000

Veteran trader Peter Brandt, who gained legendary status after calling the 2017 Bitcoin collapse, believes BTC is in a position to surge and end its multi-month correction.

Legendary cryptocurrency trader Peter Brandt, known for calling the 2017 Bitcoin (BTC) top, says that BTC is now poised to rally and conclude its multi-month correction.

In a new blog post, Brandt reveals that he has opened long positions in Bitcoin because he believes BTC is getting ready to break out of a megaphone formation.

The technical formation can be viewed as a bullish continuation pattern if the price breaks through its diagonal resistance.

Bitcoin appears bullish after breaking out of an inverse head and shoulders pattern within the larger megaphone formation, according to Brandt.

“The dominant chart construction on the weekly graph is a five-month broadening triangle or megaphone. A major breakout could be pending.

The daily chart exhibits a possible completed inverted head and shoulders that is part of the broader congestion. I bought a 2.7 BTC position with a risk of 40 basis points and a protective stop below Friday’s low. This is an anticipatory position of a pending larger breakout.”

An inverse head and shoulders pattern indicates that an asset is bullish because traders are no longer waiting for the price to hit recent lows before buying.

According to the trader’s chart, he seems to be suggesting that BTC will break out of the large megaphone pattern if it clears resistance at around $72,000.

Last week, Brandt told his 736,200 followers on social trading platform X that Bitcoin’s trend is unclear as long as it continues to trade within the megaphone pattern.

“Weekly and daily graphs continue to form a megaphone or broadening triangle pattern in BTC. No declaration of the next trend yet BTC.”

Bitcoin trades at $63,046 at the time of writing, down over 1% over the last 24 hours.

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