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- Peter Brandt has identified a Head and Shoulders pattern in the Bitcoin price chart.
- Bitcoin is showing uncertain trends at the moment but with sustained support.
The price of Bitcoin (BTC) has demonstrated a spiral movement since the start of 2025. Bitcoin began the year with a new all-time high before dropping to a lower high than the December peak.
Peter Brandt’s 3 Bitcoin Projections
In an X post, popular trader Peter Brandt said Bitcoin had formed classic Head and Shoulders patterns. The Head and Shoulders chart pattern is a widely recognized trend reversal pattern that usually signals a change in an asset’s price movement.
This is a classic H&S top pattern. $BTC H&S patterns can do one of 3 things:
-Complete and trend to target
-Fail with bear trap
-Morph into larger pattern
What do you think?
I am only allowing Verified to reply. If you cannot pay a few bucks to X you don’t deserve to be heard. pic.twitter.com/9dGquEXaUs— Peter Brandt (@PeterLBrandt) January 12, 2025
It presents itself as three waves of growth. This pattern usually forms when the price of an asset rises to a peak and then declines back to the base of the prior uptrend.
Brandt noted that Bitcoin might see three outcomes based on the asset’s current pattern of head and shoulders. First, the trader predicted the complete formation and trend to target around $76,000, representing over 18% below the current price.
Secondly, the trader predicted that the price of Bitcoin would form a “bear trap,” which is a sign of market manipulation. In crypto trading, a bear trap is a market condition in which the price of an asset looks to be falling before abruptly reversing and rising.
This traps traders who have taken short positions, believing that the price will fall further, and forces them to close their holdings at a loss. Brandt had earlier identified this possibility as the most plausible.
Brandt’s third scenario is that the Head and Shoulders will turn into a larger pattern. This transformation, however, does not imply a more bullish or bearish outcome. The trader emphasized that patterns are not set in stone as they may either morph or fail.
For now, the future price trajectory of Bitcoin is still unclear. The fact that even experienced traders like Brandt are struggling to provide a solid forecast on the market’s current situation speaks for itself.
Currently, BTC is trading at $91,024, down 4.2% in the last 24 hours. However, the daily trading volume has increased by over 153%, suggesting investors’ renewed interest.
Mixed Sentiment for Bitcoin
Despite its latest dwindling performance, Bitcoin continues to trade as the world’s leading asset. While some market participants forecasted bullish outcomes for the coin, others have raised bearish sentiments.
Jamie Dimon, the CEO of banking giant JPMorgan Chase, has raised concerns over Bitcoin’s speculative nature and association with illegal activities. Dimon, a long-time Bitcoin critic, disclosed in a CNF report that BTC has become heavily associated with illegal activities.
The CEO added that Bitcoin lacks intrinsic value and likened his feelings toward Bitcoin to that of smoking. While he noted that people have the right to trade the coin, he said he does not think they should.
Despite Dimon’s criticism, prominent Bitcoin community member Dr. Jeff Ross recently pledged support for BTC. Ross made a strong case for Bitcoin’s inclusion in businesses’ financial plans. Per a CNF report, Ross said Bitcoin incorporation into firms’ balance sheets will enhance returns and provide them a competitive advantage.
