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While renowned analyst Peter Brandt warned investors that a potentially problematic pattern has formed on the Bitcoin (BTC) chart, closely followed anonymous cryptocurrency analyst Inmortal projected the current and future of the Bitcoin market. Here is the Bitcoin commentary put forward by 2 experts.
OBO Warning for Bitcoin
Peter Brandt, who has more than 30 years of experience in the financial market, said that Bitcoin’s price action seems to be forming an OBO pattern, which is interpreted in technical analysis as an indication that the trend is turning from upward to downward, and said, “When an OBO pattern is completed, it needs to be taken seriously.”
Although Brandt did not mark it, the target level in this OBO pattern is around $ 23,000 – $ 24,000.
Inmortal Projected Bitcoin’s Current Outlook and Future
On the other hand, closely followed anonymous cryptocurrency analyst Inmortal said he believes Bitcoin’s recent drop may have all the hallmarks of a short squeeze. A short squeeze occurs when traders who borrow an asset at a certain price in the hopes of selling it at a lower price and profiting from the difference are forced to buy back their borrowed assets when momentum moves against them, triggering further upside.
Commenting on the current outlook, Inmortal said, “There are good components for short squeeze. Price + OI (open interest) going up in the lower range and price going down. But remember, buyers need to step in to force short sellers to close their positions.”
The analyst also assessed Bitcoin‘s price action over the next few years. The analyst expects the bull market to start in the third quarter of next year:
2022 bear market, only bearish. 2023 sideways movement and mid-cycle rally. Q1 and Q2 of 2024 sideways movement. Q3 and Q4 of 2024 start of the bull market. 2025 bull market and only up.
Inmortal laid out a number of more detailed scenarios for the rest of 2023 in a Twitter thread, but in the one he believes is most likely to materialize, he stated that he expects the largest cryptocurrency to retest the $25k level, following a similar pattern to 2016:
Local peak inside. Retest $25k, sustained demand and accumulate above $29k. A boring third quarter and increased volatility in the fourth quarter. All this suggests a repeat of the price movements of 2016.
