Peter Brandt Shares Teaser as Familiar Bitcoin Pattern Builds Again on Chart

Bitcoin's price returned to trade in the red following a five-day rise since the March 9 low of $65,820. The largest cryptocurrency rose to $73,698 on Friday, the top of its recent trading range, before retreating.

In a tweet, veteran trader Peter Brandt highlights a familiar pattern on the Bitcoin chart, which was accompanied by a teaser to his followers, which reads "I pledge allegiance to the..."

The veteran trader shared a Bitcoin chart that highlighted two channel patterns. The upper channel pattern preceded Bitcoin's drop to a low of $60,000.

The same channel pattern appears to be building, which might target a breakout in either direction, with Brandt presenting this intrigue as a teaser to his followers.

In a previous X post, Brandt highlighted Bitcoin's "little Banana," a channel pattern whose lower boundary forms a banana-like shape on a logarithmic chart. This might be the lower channel pattern highlighted in Brandt's recent tweet.

"When the little Banana lines up with the Big Banana. We celebrate with Banana Cream Pie," Brandt said, with a BTC chart highlighting this, alongside another chart that indicated a target of $250,000 to $500,000, possibly the "banana cream pie" in the context of the tweet.

Bitcoin price action

Bitcoin climbed to the higher bound of its recent trading range before the largest cryptocurrency pared its gains in response to volatility in the markets.

Bitcoin rose to a high of $73,698 on Friday before cutting that increase by about half. At the time of writing, Bitcoin was down 2.29% in the last 24 hours to $70,740 but up 4.13% weekly. The largest cryptocurrency has traded sideways between $75,000 and $60,000 since early February.

In recent weeks, money has been returning to Bitcoin, after months of selling pushed it to about half the all-time high above $126,000 it reached in October. U.S.-listed spot Bitcoin exchange-traded funds are poised for a third consecutive week of net inflows, the longest streak since July. The funds have drawn more than $1.6 billion in the past month.