Bitcoin (BTC) may be gearing up for a significant price move. Renowned trader Peter Brandt has identified a chart pattern he calls the ‘Banana Split.’ His analysis reveals a short-term pattern within a longer-term uptrend.
The pattern is likely to result in a price breakout as the overall sentiment improves owing to the decline in oil prices and easing geopolitical tensions.
Brandt shared his updated Bitcoin forecast on X today. In the post, he shared a chart where the movements in the near and far ranges were shown. The chart shows the price continuing in its bullish channel. According to Brandt, the current pattern hints at an upcoming price spike.
He identified two patterns in the chart. The smaller “Little Banana” sits inside the larger “Big Banana.” According to Brandt, both patterns have been seen in prior cycles of the BTC. He noted that these formations often repeat at intervals of about 52 weeks.
Source: X
However, Brandt states that the recent setup indicates that Bitcoin is about to enter the next big phase. He called this combined move the “Banana Split.” This term is used to refer to the point at which the two patterns align. He said that this shows a strong upward push in price.
Brandt’s new perspective is different from his old one. Brandt’s old perspective was bearish for a while. However, he has since changed his perspective.
Recently, he said Bitcoin has the potential for massive growth by October 2026. His long-term chart shows Bitcoin still inside a large parabolic channel.
Also Read: Bitcoin (BTC) Defends Support With Eyes Set on a Break Toward $75K
Additionally, Brandt referred to market conditions. Oil prices in the U.S. decreased after receiving news of possible reserve releases from the G7 countries. The decline in prices increased overall sentiment.
Crypto prices experienced positive reactions to the improving market conditions. Sentiment also increased after receiving news of the de-escalation of the U.S.-Iran conflict.
The weekly chart of Bitcoin by Brandt showed the ongoing long-term channel in Bitcoin’s price. He termed this long-term curve the “Big Banana.” The long-term curve has been in charge of Bitcoin’s price in past historical cycles. He said that this current price action is in line with this trend.
The “Banana Split” marks the point where the small and large patterns meet. Brandt said this short-term curve now has upward momentum. If this trend is sustained, BTC will be in a stronger bullish phase. If it fails, the price may turn downward before forming any new structure.
Source: X
Bitcoin has been under pressure following the recent geopolitical tensions. The market has regained its strength as the situation has improved. BTC has gained during the latest change in market sentiment. Traders are looking for confirmation of the Brandt signal.
As of writing, BTC is trading at $71,146, with a gain of 4.16% in a day. The coin has gained 6.82% over the past week and 1.25% in the month. The prediction by Brandt suggests that if the pattern is completed successfully, BTC could reach long-term targets near $280,000.
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