Bitcoin (BTC) may have printed a classic "head and shoulders" pattern but bulls could notwithstanding win, says veteran trader Peter Brandt.

In a tweet on Oct. 27, Brandt, famous for his accurateness when it comes to BTC price predictions, refused to flip bearish on Bitcoin.

Brandt: Bitcoin may face "larger congestion"

Despite nearing $58,000 in a fresh wipeout of leveraged traders on October. 27, analysts remain broadly calm, even calling for highs to return in a show of force that should catch many by surprise.

For Brandt, in that location is also fiddling reason to dismiss Bitcoin on the back of current price activeness.

"Head and shoulders tops need non ever produce a carry market to the implied target or beyond," he wrote.

"This pattern tin also fail (bullish) or morph into a larger congestion (exhausting)."

An accompanying chart showed final calendar week's all-fourth dimension loftier of $67,100 surrounded by two bottom peaks, resulting in the so-chosen "head and shoulders" germination.

BTC/USD chart showing "caput and shoulders" pattern. Source: Peter Brandt/ Twitter

Traditionally, such events foreclose an extended downside for an asset, with theupside exhausted and unsustainable after a certain point is reached.

Meanwhile, the idea that Bitcoin could slide into an extended sideways flow has reentered the narrative in recent days. Cointelegraph contributor Michaël van de Poppe earlier forecast a tedious grind toward $90,000, this potentially only hitting early next year.

All going to plan

For those worried about further losses on BTC/USD, decreasing funding rates — now all just "reset" after the flushing out of leverage — could abate fears.

Related: Bitcoin toll dip matches October 2022 with BTC 'explosion' all the same forecast before 2022

Binance had been a particular source of concern over the week with big upside bets creating an unwieldy setup, which ultimately fell apart on the dip.

The current spot price, at around $59,000, further lines Bitcoin up to potentially hit the "worst-instance scenario" monthly shut of $63,000. Its source, analyst PlanB, correctly predicted both the August and September monthly shut — $47,000 and $43,000, respectively.

November, past dissimilarity, should end on a much higher $98,000.