Renowned analyst Brandt, followed by a large number of enthusiasts, took to Twitter to showcase three chart patterns on the Bitcoin chart, shedding light on their potential targets. With an aim to educate his followers, Brandt explained how to estimate a probable target for a flag or pennant formation. If this pattern materializes, Bitcoin could potentially reach an impressive $43,289. Flags and pennants are considered short-term continuation patterns, indicating a brief period of consolidation before the preceding upward movement resumes. Brandt also charted a lower target of $35,135 and an upper target of $41,341 for a head and shoulders bottom. In a similar vein, he provided a lower target of $37,803 and an upper target of $39,432 if a rectangle pattern on the Bitcoin chart is confirmed.
In a remarkable turn of events, Bitcoin (BTC) prices surged past the $37,000 mark on Thursday, marking a significant milestone not seen since May 2022. On the Coinbase crypto exchange, Bitcoin reached a high of $37,999, signifying its highest level in over a year. However, the cryptocurrency experienced a slight decline, with prices currently trading at $36,557, reflecting a 0.63% decrease in the last 24 hours.
The recent surge in Bitcoin’s price can be attributed to speculation surrounding the potential legalization of Bitcoin spot ETFs by U.S. regulators. Analysts believe that if this were to occur, it would attract a substantial influx of investment into the largest cryptocurrency by market value.
Adding fuel to the fire, the registration of an iShares Ethereum Trust on the website of Delaware’s Division of Corporations on Thursday further fueled speculation. This development comes just a week after BlackRock’s registration for a Bitcoin ETF, which saw the iShares Bitcoin Trust receive a similar notification on June 8. These events have led to increased excitement and anticipation within the cryptocurrency community.
It is important to note that the information provided in this article was originally published on U.Today and has been accurately summarized to adhere to journalistic standards.