As the year draws to a close, the attention of all crypto market participants is focused on where, and at what point, the price of the leading cryptocurrency, Bitcoin (BTC), will step into 2025. Despite hitting a new all-time high this month, Bitcoin is currently trading below this coveted mark, which is seen as more of a sign of weakness, even though it is still up 128% since the beginning of 2024.
With the crypto market attracting many more institutions this year such as BlackRock, Fidelity, pension funds and the like, thanks to the launch of spot Ethereum and Bitcoin ETFs, the trend of declines at the end of December also affected them. This is exactly what shatters the hopes of crypto enthusiasts to end the year with a six-figure Bitcoin price.
Interestingly enough, according to Peter Brandt, a renowned trader with over 50 years of trading experience, the price of Bitcoin is not even up for debate right now.
In his latest review of the leading cryptocurrency, the expert trader says there is a clear head-and-shoulders pattern currently forming on the Bitcoin price chart.
This is a head and shoulders top pattern. It might complete and take price to $78,000; it might fail with a thrust hire: or, it might morph into something else. But as it stands right now, it is a head and shoulders top and must be chartist dealt with for what it is. pic.twitter.com/b9AUUO7ddL
— Peter Brandt (@PeterLBrandt) December 29, 2024
What does it mean?
The pattern could complete and take the price to $78,000 per BTC, says Brandt. There are possibilities that the pattern could fail with a thrust hire or morph into something else, but as it stands right now, explains the veteran trader, it is a head and shoulders top.
It thus needs to be traded for what it is, Brandt reminds the bulls.
From one point of view, reaching this target, which the ominous pattern suggests, would mean another 17% drop for the Bitcoin price from current levels. On the other hand, it would mean that the cryptocurrency will close an important price gap that formed on the CME almost two months ago, and this will finally put an end to this unresolved issue.
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