Bitcoin Price Rising Against M1 Coin Supply, Peter Brandt Confirms
Master trader Peter Brandt shared a Bitcoin price chart on Saturday showing a breakout against the M1 money supply. Bitcoin experienced a historic breakout for the first time since March 2017, and a similar breakout led to a parabolic rise in the BTC price. Are we witnessing another breakout of at least $100k?
Bitcoin Price is Preparing for a Big Rise
Trader Peter Brandt reacted to another popular analyst’s chart of Bitcoin against the M1 money supply, stating that it was absolutely surprising. Bitcoin saw the first breakout against the M1 money supply since 2017. He added that “the argument for Bitcoin is about the eventual destruction of fiat currencies like the US dollar.”
The chart shows the Bitcoin price in relation to the total US money stock (M1). This rate remained below the highest level of December 2017. He noted that there are similarities in the chart structure to the Dow Jones industrial average during the Great Stagflation of the 1970s, indicating the continuation of the inverse H&S pattern.
While analysts claim that they have never seen such a Bitcoin rise before, they predict a massive Bitcoin price rise in the coming weeks.
Analyst TechDev said a historic move is imminent as people switch from USD to Bitcoin. Bitcoin 5D bullish squeeze also reached an 8-year high.
Also Read: Bitcoin News – Developers Discuss Major BTC Network Upgrade for New Use Cases
BTC Price Forms Multiple Bullish Pattern
parofix reported an early cup and handle formation in Bitcoin price by Peter Brandt. The cup part is fully formed and the handle model has not been formed yet. Peter Brandt hints that a breakout in BTC price is approaching, and this confirmation comes after a downtrend breakout.
BTC price is up less than 1% in the last 24 hours and it is currently trading below $67,700. The 24-hour low and high are $67,181 and $67,818 respectively. In addition, the 50% decrease in trading volume in the last 24 hours shows that investors’ interest has decreased.
Meanwhile, experts say Mt. Gox denied the impact of Bitcoin distribution on BTC price. Moreover, those who want to sell plan to do so gradually or after depositing the payment in order to maximize their profits.
Also Read: Binance Burns 1.35 Billion terra luna Classic, Net Burn of Crypto Exchange Reaches $60 Billion
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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