Peter Brandt Hints at the Big Bitcoin Rally and Talks about Gold’s Past Bull Runs – Btc News

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Peter Brandt Hints at the Big Bitcoin Rally and Talks about Gold’s Past Bull Runs



Peter Brandt, an experienced trader, pointed out the next bull run for Bitcoin by comparing Bitcoin’s current market structure with previous gold bull phases. Brandt focuses on the “Reversal Head and Shoulders” pattern on the BTC price chart, which is similar to previous patterns that signaled a bull run in gold, including the SPDR Gold Trust (GLD).

According to his analysis, we may witness the beginning of a major movement similar to gold during periods of major increases in the markets.

Historical Patterns of Bitcoin and Gold


Brandt’s comparison centers around the fractal patterns observed in the historical price movements of gold and the current trend of Bitcoin. The GLD chart from 2008 to 2024 shows a significant price movement from 2020 to 2023, forming an “Inverted Head and Shoulders” pattern.

This generally bullish pattern can be seen at the $235.25 and $244.53 resistance levels and the $193.58 neckline. The ADX and positive moving average crossover also indicates that the price of gold will continue to rise.

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flow $BTC chart pic.twitter.com/Ouwk8o7SpM

— Peter Brandt (@PeterLBrandt) June 18, 2024
Similarly, a shorter time frame in Bitcoin is marked by the formation of “Reversal Head and Shoulders”. The consolidation phase lies between $55,000 and $60,000, and the 100-day EMA offers a lot of support.

The Relative Strength Index (RSI) is 50.71, which means the market is neither overbought nor oversold. This pattern shows the possibility of a large price increase if the Bitcoin price breaks the neckline level.

BTC Market Sentiment and Accumulation Trends


Market sentiment plays a very important role in this analysis. Analyst BitcoinHabebe notes a 25% rebound in price from $57,000 to $58,000 as a sign of buyer interest.

Another analyst, MikybullCrypto, notes a “cup and hold” pattern on Bitcoin’s macro timeframe; This points to a breakout that could be the last bull run of the current cycle. Moreover, Bitcoin recently touched the 128-day moving average (DMA), an important level often seen in bull markets.



On-chain data is also consistent with the bullish belief. Moreover, recent price declines have seen whales transfer 20,000 BTC to savings addresses; This is the highest figure in history. This dip-buying activity shows that investors are confident in Bitcoin’s ability to rise even as prices decline and the overall market weakens.

Current Price Movement and Short Term Forecasts


The Bitcoin chart remains critical as the currency oscillates between key support and resistance zones. Analyst Jelle points out that the market is still volatile as it makes local lows and highs without setting new lows. This shows that the market is at a crossroads and whether it rises to $67,000 or falls below $65,000 in the next few weeks depends on the outcome.


On the same note, the recent price trend showed Bitcoin trading below $65,000 due in part to outflows from US spot BTC ETFs due to the hawkish approach of the Federal Reserve. Despite this, significant accumulation and positive on-chain metrics present a bullish outlook.

This is further supported by Michael Saylor’s plans for MicroStrategy to raise funds to purchase more Bitcoin, thereby increasing expectations for future price movements.

Meanwhile, Bitcoin (BTC) price showed a bearish trend over the last day and fluctuated between the intraday high and low of $67,179 and $64,422.23. As of the time of publication, BTC was trading at $64,576, down 1.6% from the resistance level.

Also read: terra luna Classic (LUNC) Incineration Tax Amendment Proposal Officially Accepted



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Kelvin is a distinguished author specializing in crypto and finance, with a bachelor’s degree in Actuarial Science. Known for her sharp analysis and insightful content, she is fluent in English and specializes in comprehensive research and on-time delivery.





The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.








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