Veteran trader Peter Brandt says bitcoin is showing a familiar bullish pattern. Such a pattern usually precedes a significant price increase.
Bitcoin in the starting blocks?
The trader, who gained legendary status after predicting the bitcoin price crash at the end of 2017, thinks that the price could soon rise to $80,000. He sees a technical pattern in which the price can break through the short-term diagonal resistance. At the same time, the US analyst warns that bitcoin could see significant correction after the rally.
Looking at the trader’s chart, he suggests that a big dump around $58,000 could follow the rise. After that decline, BTC can start a new uptrend.
This same basic pattern has been common in past bull markets in Bitcoin https://t.co/owOGKhjkr1 pic.twitter.com/xiwVRExzOi
— Peter Brandt (@PeterLBrandt) April 9, 2024
Altseason?
The trader also shares his thoughts on the likelihood that the crypto market will experience an altseason. According to Brandt, there is a chance that there will not be an altseason, based on the resilience of the bitcoin price and the dominance of bitcoin in the market. Bitcoin dominance measures how much percentage of the total crypto market is attributable to BTC. A rising BTC.D chart indicates that bitcoin is outperforming the overall altcoin market.
What if there won’t be an altcoin season? pic.twitter.com/Cuolom5fEV
— Peter Brandt (@PeterLBrandt) April 8, 2024
Based on the trader’s chart, he seems to suggest that BTC could make up as much as 66.32% of the crypto market cap after BTC.D broke out from a multi-year consolidation between 39.50% and 48%.
The trader also keeps a close eye on the ethereum vs bitcoin trading pair (ETH/BTC). Brandt says ETH/BTC may have triggered a bear trap after regaining a critical support level at 0.0495 BTC ($3,421). A bear trap happens when an asset falls below a support level but quickly regains it to potentially trigger a trend reversal.
Yup https://t.co/Zshy1Knwmh
— Peter Brandt (@PeterLBrandt) April 9, 2024
Source: https://bitcoinmagazine.nl/nieuws/bitcoin-koers-in-de-startblokken-volgens-de-bekende-beurshandelaar-peter-brandt-wel
