Renowned analyst Peter Brandt recently shared his analysis of Bitcoin and Ethereum, providing insights into the future performance of these cryptocurrencies. Brandt highlighted an Inverse Head and Shoulders (H&S) pattern that has formed on Ethereum’s daily chart, indicating potential bullish signals for ETH. However, Brandt clarified that he has not yet taken a position in Ethereum, suggesting that he is waiting for further confirmation of the uptrend.
The inverse head and shoulders pattern typically marks the end of a downtrend and signifies the beginning of an uptrend in price. In the case of Ethereum, the critical resistance level to watch is the neckline near $2,745. If Ethereum manages to break this level decisively, it could confirm the uptrend.
In addition to Ethereum, Brandt also evaluated Bitcoin and shared a new perspective for BTC. He mentioned the seven-month inverse expanding triangle pattern, which has remained intact since March. According to Brandt, this pattern, characterized by lower highs and lower lows, indicates that Bitcoin is poised for a significant rally up to $150,000. Brandt also revealed that he currently holds a long position in Bitcoin.
It’s important to note that this analysis is not investment advice. However, it provides valuable insights into the potential future performance of Bitcoin and Ethereum. Investors should conduct their own research and analysis before making any investment decisions.
