Legendary Analyst Peter Brandt Lists 6 Reasons Bitcoin Has Flipped Bullish
After a week of famous crashes, Bitcoin once again saw the life trajectory breathing into its price trajectory and has regained the score of over $90,000. The main introduction to bullish momentum Yes announced President Donald Trump was a strategic reserve of U.S. cryptocurrencies over the weekend, which could be the beginning of an extended rally for Bitcoin and other cryptocurrencies.
and Bullish momentumsenior financial analyst Peter Brandt lists six reasons why Bitcoin flips bullish.
Peter Brandt lists six reasons why Bitcoin becomes bullish
Bitcoin’s value has grown by about 9% over the past 24 hours, with its market capitalization increasing by about $166 billion. This marks a rapid change in the decline last week, which has caused Bitcoin to refuse to fill CME The gap is below $80,000.
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Peter Brandt is known for his deep technical expertise Go to social media Overview of six reasons why Bitcoin is now back to its bullish trajectory. His observations are rooted in a series of technological developments that have taken place over the past week.
Brandt’s first key point is Bitcoin’s recent 30% correction. It is worth noting that Bitcoin has recently collapsed at $78,900, a 30% correction for its all-time high of $108,786 on January 30. In a strong bull market, this pullback is typical and is usually the next leading position. The second reason why Bitcoin flips bullish is It finds support capabilities Despite the recent decline, despite its parabolic progress.
Another factor that strengthens Bitcoin’s bullish outlook is the successful retest of the CME futures gap below $80,000. Interestingly, even if Bitcoin rose above $100,000 in January, the gap was a key issue, and technical analysis warns of a drop toward this level. Now that the CME gap has been filled, the next step is to resume bullish momentum.
Brandt also highlighted the emergence of the “foot shot Doji” candlestick pattern, which usually indicates sales pressure and potential reversal exhaustion. Additionally, he mentioned the three-day backward rule to show that Bitcoin is recovering. Finally, he pointed out a large volume of “vomiting” and the seller withdrew from Bitcoin in a surrender. To sum up, these signals indicate that Bitcoin’s latest rally is not only a temporary rebound, but also a confirmation of bullish momentum.
Is the next step for BTC a bullish signal strengthening?
At the time of writing, Bitcoin was trading at $92,443. Everything around its fundamentals Now point out that for the next few weeks, continue moving upward. Interestingly, you might argue that institutional attacks are conducted through spot bitcoin ETFs Not considered yet After Trump announced the US crypto strategic reserves, the price of Bitcoin.
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Announcement is the weekend of closing traditional markets on weekends, which means the bullish momentum is Powered by retail merchants to a large extent. In this way, as institutional inflows inflows, Bitcoin could surpass $100,000 again by this weekend.
Featured images from Istock, charts from trsdingview.com
