With the bitcoin (BTC) price in an uptrend, the eyes on the market are back up again. But how far could the price of BTC rise thanks to this breakout? Investment legend Peter Brandt shared a chart last night with a comparison to 2019. And that comparison looks pretty bullish from!
Brandt: Bitcoin out of rising triangle
In the tweet, Brandt shows two bitcoin charts; one from 2019 and one from the current state of affairs. The analyst states that bitcoin is in a rising triangle pattern (from which the price has already broken out). If the course now follows a similar path as in 2019, there could still be a lot of good things in it.
the $BTC pattern is called an ascending triangle (right). Read about Asc Tris in Schabacker, Study III, pgs 93-
Also, compare present pattern to similar structure in 2019 (left) #Bitcoin pic.twitter.com/IyB2j7f8F6— Peter Brandt (@PeterLBrandt) March 27, 2022
As can be seen on the left chart, bitcoin entered a longer period after the triangle breakout in 2019. uptrend to sit. Finally, the price also broke out at the top of this rising trend channel. Overall, bitcoin then rose from a price of $4,200 to $8,614. So an increase of more than 100%.
BTC charts DO NOT predict the future
Should bitcoin experience a similar rise, then there could potentially be a new one all time high (ATH) can sit in. This is of course not a certainty, after all, nobody knows what the future has in store. Brandt therefore gives a clear warning with his graph:
“Graphs DO NOT predict the future. Charts don’t even offer opportunities. Charts suggest opportunities and are helpful in managing risks. Chart patterns can work, fail, or change. If the laser eyes reappear and BTC freezes, watch out.”
Charts do NOT predict the future. Chart do NOT even offer probabilities. Charts suggest possibilities and are useful in managing the risks in a trading program. Chart patterns can work, fail or morph. If laser eyes reappear and $BTC stalls, then look out
— Peter Brandt (@PeterLBrandt) March 28, 2022
Learn more about bitcoin trading
Entering into trades and doing technical analysis can be tricky for this reason. Do you want to learn more about technical and fundamental analysis, chat with analysts and crypto coaches, and access our fanatical and open community? Become an Insider and come and have a look for free for the first 30 days!