Veteran Trader Sees Similarities Between the 2019 Bitcoin Chart and Today
Bitcoin Peaks to $47,000Bitcoin Market Performance
Following Bitcoin’s breakout and subsequent spike to $47,000, several crypto market analysts, including: experienced trader Peter Brandt, expressed their thoughts and analysis regarding the possible future movement of the first cryptocurrency.
Bitcoin spikes to $47,000
According to the chart and pattern provided, Brandt expects a similar price movement for Bitcoin as we saw when the cryptocurrency traded around $4,000 and $8,000. At the time, BTC had a similar breakout from the symmetric rangebound.
The $BTC pattern is called an ascending triangle (right). Read about Asc Tris in Schabacker, Study III, pp. 93-
Also compare the current pattern with a similar structure in 2019 (left) #Bitcoin pic.twitter.com/IyB2j7f8F6
— Peter Brandt (@PeterLbrandt) March 27, 2022
After the 2019 breakout, Bitcoin entered the rising range after gaining around 20%, ending in another breakout that took digital gold to new local highs. The pump that came after caused a price increase of 50%.
Despite showing quite similar historical moves, the veteran trader offered a disclaimer, warning the community that charts cannot predict the future. The charts and strategies provided are only useful within trading programs and strategies that require good risk management.
He added that if $BTC money tag “squats and laser eyes reappear,” traders should be on the lookout. The warning most likely refers to the greed phase in the market when the community around the market becomes extremely bullish. Here the chances of a long squeeze and a sudden crash increase exponentially.
Bitcoin Market Performance
According to TradingView’s chart, Bitcoin has successfully broken the resistance line from a rising rangebound and is now consolidating at around $47,000. The high of the day is $47,800.
In addition to breaking the rangebound, BTC also moved through a 200-day exponential moving average, which has acted as a strong resistance since December 2021. At the time of writing, Bitcoin is trading at exactly $47,000.