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As the year draws to a close, the attention of all cryptocurrency market participants is focused on the whereabouts and price of the leading cryptocurrency, Bitcoin (BTC)will move into 2025. Despite reaching a new all-time high this month, Bitcoin is currently trading below this coveted mark, which is seen as more of a sign of weakness, although it is still up 128% since the beginning of the year. Year 2024.
With the cryptocurrency market attracting many institutions this year such as BlackRock, Fidelity, pension funds and the like, thanks to the launch of Ethereum and Bitcoin ETFs, the decline trend at the end of December also affected them. And this is exactly what crushes the hopes of cryptocurrency enthusiasts of ending the year with six-figure numbers Bitcoin price.
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Interestingly, according to Peter Brandta renowned trader with over 50 years of trading experience, says the price of Bitcoin is not up for discussion at the moment.
In his latest review of the leading cryptocurrency, the expert trader says that there is a clear head and shoulders pattern currently forming on the market. Bitcoin Price chart.
What does that mean?
Brandt says the model could be completed and the price reach $78,000 per bitcoin. Chances are that the pattern could fail with the push pattern or turn into something else, but as it stands now, as the seasoned trader explains, it is a head and shoulders cap.
Therefore it should be traded as is, as Brandt reminds the bulls.
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From one point of view, reaching this target, suggested by the ominous pattern, would mean another 17% decline in Bitcoin's price from current levels. On the other hand, it means that the cryptocurrency will close an important price gap that formed on the Chicago Mercantile Exchange about two months ago, and this will finally put an end to this unresolved problem.
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