- Legendary trader Peter Brandt reveals long Bitcoin position for his company Factor LL.
- Brandt forecasts Bitcoin price could reach $40,000 based on fulcrum bottom pattern.
Factor LLC Goes Long on Bitcoin: Peter Brandt Shares Insights
Peter Brandt, a legendary trader, recently revealed that his company, Factor LLC, is taking five long positions, including Bitcoin. Although the tweet was not intended for the general public, Brandt shared the chart analysis of his positions.
Heading to MN for the summer. Current Factor LLC positions with trailing stops
Long Nasdaq $NQ_F
Long Gold vs. YPY $GC_F $G6J_F
Long Bitcoin $BTC
Long Gold $GC_F
Long London Cocoa (not shown) $LCC_F pic.twitter.com/FH2o0LxZEz
— Peter Brandt (@PeterLBrandt) April 13, 2023
Bitcoin Price Expected to Rise
Accidentally posted on his public Twitter feed, Brandt’s Bitcoin chart suggests that he anticipates the cryptocurrency’s price to climb to $40,000. The prediction is based on a fulcrum bottom pattern that Bitcoin has successfully formed and recently broken out of. On April 10, Brandt shared the breakout chart, showing that the rise to above $29,200 had triggered a buy signal.
Fulcrum Bottom Pattern and Bullish Megaphone Pattern
The fulcrum bottom pattern has been a topic of discussion in recent reports. This pattern forms in a deep consolidation area following an extended downtrend, marked by a recovery attempt in the middle that fails, followed by several weaker recoveries before a final breakout above the “walls” occurs.
In addition to the fulcrum bottom pattern, Brandt seems to have identified a bullish megaphone pattern in the chart. This pattern has been shared recently by analyst Ali Martinez, who predicted that Bitcoin is on track to reach $34,000 as the bullish megaphone pattern continues to guide its trajectory.
Aiming for $40,000 and New All-Time Highs
However, Brandt’s latest analysis predicts Bitcoin’s rally to continue close to $40,000. Interestingly, on March 20, he tweeted that he expects a new all-time high for Bitcoin within the next 12 months, surpassing $69,000.
Brandt also noted the abundance of disinformation in the crypto space, emphasizing the importance of relying on facts.