Once Bitcoin can ultimately break free of its present trading range, Peter L. Brandt, one of the world’s most famous classical chartists, predicts another strong rally at “some point” in the future.
Trading Commodity Futures with Classical Chart Patterns was published in 1990 by Brandt, who has been a commodity trader since 1976. Then, in 2011, his second book, Diary of a Professional Commodity Trader, was published by John Wiley and Sons, and it “became Amazon’s #1 ranked book on trading for 27 weeks.”
Raoul Pal, Co-Founder and CEO of Real Vision, has this to say about Brandt:
“Peter is without a doubt one of the world’s top and most experienced classical chartists. His chart-driven, analytical approach to trading and risk management is straightforward, accessible, and actionable. Peter’s work has been featured on Real Vision, and his content continues to be one of the most talked about and liked by our subscribers. I can’t say enough good things about his work.”
Following the enormous price surge over the last two years, Brandt, who correctly forecasted the market catastrophe for Bitcoin and cryptoassets in 2018, has been putting Bitcoin’s charts in context.
Brandt said in a recent interview that Bitcoin is currently trapped in a “large trading range,” but that it has benefited from a “amazing” historical bull market.
In his 47 years of trading, Brandt informed his interviewer that he had never seen a bull market like Bitcoin.
But you know we deserve to be in a trading range here because the market went up 17 times from the March 2020 low to the April 2021 high. As a result, we’re basically taking a break.
Brandt anticipated that Bitcoin would “at some time” break out of its current trading range, resulting in another significant rise.
Despite the bullish forecast, the seasoned trader predicted that Bitcoin’s price would be stuck in the mud for the time being, noting that BTC was “just kind of stuck in the mud.” Brandt also predicted Bitcoin’s possible downside, suggesting that the cryptocurrency might fall to $28,000, triggering a capitulation event:
We could move back down to $28,000 and really investigate the lower end of this trading range, possibly even looking below it for some panic selling.
Even after a year of little price change, Brandt believes that Bitcoin’s long-term trend remains upward.