The trading company of the legendary Peter Brandt is going long Bitcoin. In a tweet, which was actually not intended for the broader public, Brandt revealed that his company Factor LLC is currently taking five long positions, one of which is Bitcoin.
Via Twitter, Brandt shared the related chart analysis and stated; “Heading to MN for the summer. Current Factor LLC positions with trailing stops.”
Long Nasdaq $NQ_F
Long Gold vs. YPY $GC_F $G6J_F
Long Bitcoin $BTC
Long Gold $GC_F
Long London Cocoa (not shown) $LCC_F
Bitcoin Price Heading North
In response to a question from a Twitter user, Brandt replied, “Sorry, I accidentally tweeted this to my public Twitter feed. It was supposed to be limited to my private Twitter stream.” The analyst’s Bitcoin chart indicates that he expects the Bitcoin price to rise to $40,000.
The basis for this forecast is a fulcrum bottom pattern that Bitcoin has successfully formed and from which the price has recently broken out. On Monday, April 10, the legendary analyst shared the chart below and commented on it simply with “Breakout.” The 1-day chart showed that the rise to above $29,200 triggered the buy signal for Brandt.
The fulcrum bottom pattern has been discussed a lot lately, as Peter Brandt mentioned this concept in his reports. The structure of the pattern resembles the shape of a simple lever.
The bottom is formed in a deep consolidation area after a prolonged downtrend, with a recovery taking place in the middle, but failing. This is followed by several weaker recoveries before the final breakout above the “walls” takes place.
Brandt also appears to have drawn a bullish megaphone pattern in the chart. This pattern has also been shared in recent days by analyst Ali Martinez, who most recently wrote: “Bitcoin remains on course for $34,000 as the bullish megaphone pattern continues to dictate BTC’s trajectory!”
Unlike Martinez, however, Brandt expects BTC’s rally to continue near $40,000 in his latest analysis. Remarkably, Brandt tweeted on March 20 that he expects a new all-time high for Bitcoin within the next 12 months – meaning a rise above $69,000.
“All predictions are just guesses. My guess is that Bitcoin is 12 months away from new ATHs,” wrote Brandt, who also stated that it is “highly unlikely” that BTC will get anywhere near $50,000 in the next 90 days. The rationale for his forecast was:
Dangerous to have opinions that are without fact. New ATHs in Apr-Jun 2024 would be very much in line with past cycles. The amt of disinformation in crypto is amazing to me.
At press time, the BTC price stood at $30,758, eyeing a break above $31,000.
Featured image from Bitcoin Nigeria, chart from TradingView.com