As a seasoned financial analyst with over two decades of experience in traditional markets and cryptocurrencies, I find Peter Brandt’s latest analysis on Bitcoin both intriguing and noteworthy. Based on his extensive market knowledge and historical price patterns, he has identified several bullish indicators for Bitcoin against the M1 money supply.
Expert insight from seasoned trader Peter Brandt: On Saturday, he posted a Bitcoin price chart indicating a potential breakout against the M1 money supply. This marks a historic first since March 2017, with past occurrences leading to dramatic price surges for Bitcoin. Could we be experiencing another such breakout, potentially reaching $100,000?
Bitcoin Price Prepares for Massive Rally
As a crypto investor, I found it utterly astonishing when I observed Trader Peter Brandt’s analysis of Bitcoin’s chart in comparison to the M1 money supply. This was the first significant breakout for Bitcoin against the M1 money supply since 2017. The reasoning behind Bitcoin’s value lies in its potential to serve as a hedge against the eventual depreciation or destruction of traditional fiat currencies, like the US dollar.
The graph illustrates the Bitcoin price in correlation with the U.S. M1 money supply. This ratio has yet to reach the December 2017 peak. He pointed out the striking resemblance between the chart’s formation and the Dow Jones Industrial Average during the Great Inflation era of the 1970s, indicating a persistent inverted head-and-shoulders pattern.
In the upcoming weeks, it is anticipated that Bitcoin’s price will surge significantly following a major breakthrough, with experts remarking that they have rarely witnessed such an extraordinary Bitcoin breakout in their careers.
Expert here: The analyst at TechDev predicts a significant shift as more individuals are opting for Bitcoin over the US Dollar. The five-day price chart of Bitcoin is showing an impressive compression – a bullish signal – that hasn’t been seen in almost a decade.
BTC Price Forms Multiple Bullish Patterns
According to CoinGape’s report, financial expert Peter Brandt identified an initial sign of a “cup-and-handle” pattern in Bitcoin’s price trend. The “cup” portion of this formation has already been established, while the “handle” part is yet to materialize. Brandt suggests that a significant price increase, or breakout, may occur in Bitcoin once the handle pattern takes shape. This potential shift would be confirmed following a downtrend interruption.
In the previous 24 hours, Bitcoin’s price experienced a minimal increase of less than 1%, currently hovering around $67,181. The price range for this period fluctuated between $67,181 (low) and $67,818 (high). Notably, the trading volume has seen a significant drop by approximately 50%, signaling a decrease in trader activity.
Experts have downplayed the effect of Mt. Gox’s Bitcoin distribution on the BTC price, as creditors have no intention of selling their Bitcoins during the bull market. Additionally, those who wanted to sell have planned to do so gradually or after reinvesting their payouts for optimal returns.
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2024-06-01 23:57