Back to bitcoin, legendary analyst Peter Brandt recently made some comments on the trend of bitcoin in the near future. Hereafter refer to ...
Back to bitcoin, legendary analyst Peter Brandt recently made some comments on the trend of bitcoin in the near future. Hereafter refer to offline.
Peter Brandt
Mr. Peter Brandt has just tweeted. It's been a long time since my boss made a comment about Bitcoin. According to boss Peter Brandt, the long-term uptrend of Bitcoin has begun. However, it needs to include a condition.
Has the long-term bull market started with BTC?
1. The market holds support at the lower edge of the upward price channel, which lasted for many years
2. Reversed head and shoulders pattern creates bottom on day time frame
3. The ongoing infringement of the bearish channel lasts for more than 6 months
If enough crypto traders have been shaken since December 2017 (BTC's all-time high of 20k was established) then "yes"
If not, then "not yet"
Do you understand what boss Peter Brandt meant in the tweet above?
The boss gave the data on technical analysis of the classic price model. It includes support for multi-year price channel + reversed head and shoulders pattern + 6-month price channel. To reinforce the argument that Bitcoin has broken out of the long-term downtrend and entered a new bull cycle. All factors are consistent with this conclusion, and are based on chart analysis. After today when the D1 candle closes, we will know if the 6-month downtrend channel has been broken. In case of a real break, the immediate goal of the BTC will be around 9145, probably Peter's boss calculated according to the goal of the opposite head and shoulders.
As for the last sentence, the condition is that if enough crypto traders are shaken off, it seems to be simply to "soften" the boss's extremely bullish judgment. In the past Peter Brandt has also made extremely frank statements about the price of Bitcoin. Typically, expect the price to fall to 3k when BTC is 14k in 2017, at a time when the whole world is crazy about Bitcoin and crypto. As a result, Peter's boss was abused and bricked a lot. Today, the boss learned from his experience, to avoid the cryptomaniacs (those who love crypto to the level of deifying them) to throw stones, the boss commented softly, without making sure as before.
Therefore, in my opinion, boss Peter Brandt has confirmed that bull market has returned to Bitcoin. At that time, the peak of 20k would be just a normal target for BTC. It may even reach 50k or even 100k / 1 coin in a new bull run.
Mr. Nerd
