After the Bitcoin breakout and subsequent surge to $47,000, various crypto market analysts, including Peter Brandt, who had previously vindicated his BTC predictions, have expressed their thoughts and analysis regarding the potential future movement of the cryptocurrency, which ranked first by market cap. Here are the details…
Bitcoin price took a leap
Bitcoin hit over $40,000 on March 16 and hasn’t looked back since. After a few bullish moves, the asset has slowly started to retrace other round-numbered milestones, ultimately reaching $45,000 a few days ago, as we’ve reported before as Kriptokoin.com. The weekend started off pretty calmly as BTC pulled back slightly, but still stuck between $44,000 and $45,000. Sunday was also a relatively slow day at first. But on the first day of the week, the cryptocurrency rose nearly $3,000 within hours, hitting an intraday high of $47,800.
Moreover, this was the asset’s highest price tag since January 2nd. The massive price hike also led to over $400 million in liquidations. As of now, BTC has pulled back slightly and is holding close to $47,000. However, its market cap has approached $900 billion.
What does the analyst say?
According to legendary analyst Peter Brandt, we are seeing a similar move to the cryptocurrency’s price action around $4,000 and $8,000. At that time, BTC experienced breakouts from its symmetrical range. After the breakout in 2019, BTC gained about 20 percent and entered the ascending range. This resulted in BTC seeing local highs. Then came the price increases of 50 percent.
Despite showing fairly similar historical movements, Bandt offers a disclaimer, offering the community a disclaimer He warned that he could not predict the future. He added that traders should be careful if the “BTC” tag “stops and the laser eyes reappear.” So, with his warning, he implied that caution should be exercised when the market enters the greed phase.
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