Bitcoin’s previously accepted two-cycle peak pattern is undergoing a major reevaluation, not driven by retail optimism but by insights from Peter Brandt, a veteran trader who dealt with gold in the 1970s — the very market Bitcoin is often compared to.
The famed double top near $69,000 seen in both 2021 and again projected for 2025 has been dismissed by Brandt. Rather than signaling a bearish outlook, he interprets it as reminiscent of an even more dramatic scenario: gold’s unsuccessful breakout attempt back in 1975.
During that period, gold surged to $200 before pulling back and consolidating within an ascending channel. Shortly thereafter, it skyrocketed to $850 within less than twelve months. Bitcoin appears to be mirroring this trajectory now — retreating toward $16,000 followed by a gradual climb aiming for $100,000 — with its third foundational support level recently established above $60,000.
The horizontal resistance near $126,000 parallels gold’s former ceiling at around $250 which eventually broke through without revisiting that level. Rejecting the double top bearish theory eliminates one of the last negative outlooks on Bitcoin and reopens possibilities for its final upward surge.
Bitcoin’s Next Five Months
A detailed examination across multiple timeframes reveals striking similarities between Bitcoin and gold’s historical patterns. Gold experienced a false breakout after two strong upward moves coupled with mid-cycle stagnation; Bitcoin is exhibiting this same behavior now. The market’s resilience above the crucial $60,000 mark despite volatility linked to interest rate changes suggests that instead of peaking out, Bitcoin is entering a new pricing phase.
The alignment of three distinct base formations combined with disproving bearish assumptions implies that rather than merely pausing before decline during 2025, Bitcoin might be gearing up for significant momentum ahead—akin to pressure building before release.
While gold took five years for this transformation process to unfold fully back then; intriguingly enough, Bitcoin could achieve similar results within just five more months.