In this news content, veteran commodities trader Peter Brandt argues that Bitcoin has formed a "classic top pattern," raising concerns about the fate of the bull market. Brandt points to a head and shoulders pattern on Bitcoin's daily candle chart that began forming in November 2024. He suggests that there are three possible outcomes: Bitcoin could fulfill the pattern and sell off towards a target of $75,000; it could be a bear trap, briefly breaking below the neckline before reversing course; or the pattern could grow into an even larger structure. Brandt has previously highlighted this head and shoulders pattern and noted its tendency to result in a bear trap before Bitcoin continues its parabolic run. The current price of Bitcoin is $93,900, down over 5% in the past seven days.



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