PakGazette – 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 (BTC) will enter 2025. Despite reaching a new At its 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 start of 2024.
As the cryptocurrency market has attracted many more institutions this year, such as BlackRock (NYSE:), Fidelity, pension funds and the like, thanks to the launch of spot ETFs and Bitcoin, the downward trend in late December also affected them. This is exactly what destroys cryptocurrency enthusiasts’ hopes of ending the year with a six-figure Bitcoin price.
Interestingly, 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 that a clear head and shoulders pattern is currently forming on the Bitcoin price chart.
What does it mean?
The pattern could complete and take the price to $78,000 per BTC, Brandt says. There are chances that the pattern could fail with a push hire or morph into something else, but as it stands now, the veteran trader explains, it’s a max.
Therefore, it is necessary to trade it 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 price of Bitcoin from current levels. On the other hand, it would mean that the cryptocurrency will close a major price gap that formed on the CME almost two months ago, and this will finally put an end to this unresolved issue.
