Trading legend Peter Brandt has suggested that Bitcoin could be on the cusp of a historic move.
Brandt's chart shows an inverted expanding triangle. Two downward trendlines have connected the lower highs and the lower lows, respectively.
Earlier this week, the trader stated the sequence of lower highs and lows is yet to be violated. He believes that the leading cryptocurrency could potentially hit $150,000 by next September.
The ongoing consolation phase could be followed by a sharp upward move if there is a break above the upper trendline.
The price of the leading cryptocurrency is currently changing hands at $67,520, according to CoinGecko data. It is down a mere 0.1% over the past 24 hours.
Alex DovbnyaSome commentators have pointed to the fact that Bitcoin's train volume is too thin for a powerful upward move. "When too many people expect something to happen in the market, the potential for failure is significant," an X user said.
Many have also noted that there is very little enthusiasm for Bitcoin among the general public. As reported by U.Today, Google searches for the term "Bitcoin" reached their new yearly low earlier this month. It seems like the general public is blissfully unaware of the fact that Bitcoin is only 8.5% away from its all-time high.
There is visible frustration with Bitcoin's seemingly never-ending streak of range-bound trading.
Despite Bitcoin's seemingly lethargic performance, IBIT is a major reason why some market participants remain lethargic. As reported by U.Today, the ETF secured an eye-popping $329 million worth of Bitcoin on Monday.
Arman Shirinyan
Dan Burgin