U.Today – As the year draws to a close, the attention of all crypto market participants is focused on where and when the price of the leading cryptocurrency (BTC) will enter 2025. Although it reached a new record, Higher this month, Bitcoin is currently trading below this coveted mark, which is rather considered a sign of weakness, even if it is still up 128% since the start of the ‘year 2024.
While the crypto market this year attracts many more institutions such as BlackRock (NYSE:), Fidelity, pension funds, etc., thanks to the launch of spot and Bitcoin ETFs, the downward trend from the end of December also affected them. This is exactly what is dashing crypto enthusiasts’ hopes of ending 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 at present.
In his latest review of the leading cryptocurrency, the expert trader claims that there is currently a clear head and shoulders pattern on the Bitcoin price chart.
What does that mean?
The model could complement each other and bring the price to $78,000 per BTC, says Brandt. It’s possible the model could fail with heavy hiring or morph into something else, but as it stands, the veteran trader says, it’s a head and shoulders above the rest.
It must therefore be exchanged for what it is, Brandt reminds the bulls.
From one perspective, achieving this goal, as the worrying trend suggests, would mean an additional 17% drop in the price of Bitcoin from current levels. On the other hand, this would mean that the cryptocurrency would close a significant price gap that formed on the CME almost two months ago, finally putting an end to this unresolved problem.
This article was originally published on U.Today
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