Peter Brandt Predicts Bitcoin to Hit $43,289, Also Identifies Rising Wedge on Ethereum Chart

Bitcoin (BTC) is on track to clinch a $43,289 price amid the formation of a pennant, as disclosed by veteran analyst Peter Brandt, who also called attention to a bearish rising wedge for Ethereum (ETH).

Brandt made these disclosures in two separate analyses of the two largest crypto assets in the market. In a recent Bitcoin analysis, the analyst highlighted the formation of a pennant pattern on the BTC daily chart amid the ongoing uptrend.

BTC Forms Bullish Pennant

A pennant during an uptrend is a bullish continuation pattern. It features converging trendlines forming a small symmetrical triangle, preceded by a flagpole, which reflects the previous price surge. This pattern suggests a brief consolidation before the previous upward trend is likely to resume. 

The flagpole of the current pennant formed when Bitcoin staged a rally from the $26,555 low on Oct. 12. The rally saw BTC appreciate to $35,280 on Oct. 24, marking a massive 33% increase in less than two weeks. Although Bitcoin has retained its upward trajectory, the momentum has reduced, leading to the formation of the pennant.

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When a pennant forms, analysts view it as a brief pause to the rally, preceding a continuation of the bull run. According to Brandt, to gauge the extent of the next price rally, market participants should measure the height of the previous price rally that formed the initial flag pole, from the lowest to the highest point into the pennant.

According to him, they can then project this same appreciation rate for the next surge, starting from the last small reaction inside the flag. Using this technique, Brandt projects that Bitcoin could appreciate $43,289 in the following price run after breaking out from the flag.

ETH Forms a Rising Wedge

While Bitcoin could see a potential rally, Ethereum finds itself in a bearish pattern. Notably, ETH recently formed a rising wedge on the weekly timeframe, as highlighted by Brandt in a recent post on X.

Market watchers typically consider a rising wedge a bearish reversal pattern. It forms converging upward-sloping trendlines, indicating a tightening range between highs and lows. The pattern signals that the upward momentum is weakening and that a potential trend reversal to the downside may occur. 

Notably, the rising wedge formation began in June 2022 when ETH slumped to a low of $881 following the Terra collapse in May. The asset registered a comeback, eventually recovering its lost value. However, amid the recent uptrend, a slowdown has resulted in the formation of the wedge.

“It will be interesting to see if this market can expand beyond this pETH of pie,” Brandt said on X, calling attention to the bearish structure. 

Peter Brandt’s statement appears to be a play on words, referring to a portion of the Ethereum price chart within the rising wedge pattern. Brandt’s words suggest that the analyst is watching to see if Ethereum’s price can break out of the pattern and surpass the upper boundary of the wedge. 

Meanwhile, Ethereum seems to be seeing gains in the short term, while Bitcoin is currently down. ETH is up 7.12% over the past 24 hours, currently trading for $2,080. However, BTC is changing hands at $37,100, with a 1.50% decline within the same timeframe.

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• Source: https://thecryptobasic.com/2023/11/10/peter-brandt-predicts-bitcoin-to-hit-43289-also-identifies-rising-wedge-on-ethereum-chart/?utm_source=rss&utm_medium=rss&utm_campaign=peter-brandt-predicts-bitcoin-to-hit-43289-also-identifies-rising-wedge-on-ethereum-chart