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Contents
<ul class="article__contents-list"><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h237">Some reasons to be bullish on Bitcoin </a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h379">Weak hands are FOMO'd out</a></li></ul>
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In his latest weekly crypto report, commodity trading legend <a rel="nofollow" target="_blank" href="#">Peter Brandt </a>explained why he thinks that Bitcoin (BTC) could be in the early stages of another parabolic move.
<a rel="nofollow" target="_blank" href="#">card</a>
Some reasons to be bullish on Bitcoin
Brandt says that Bitcoin (BTC) remains within a massive bull channel that goes back to 2013. He noted that the top cryptocurrency recently started to redefine another parabolic advance, which is reminiscent of the previous bull market.
<em>image by <a rel="nofollow" target="_blank" href="https://twitter.com/PeterLBrandt/status/1223286801198133248?s=19">@PeterLBrandt</a></em>
The chart shared by Brandt shows that Bitcoin has finally managed to break out of a falling channel after forming <a rel="nofollow" target="_blank" href="#">an inverse head-and-shoulders (iH&S) pattern</a> on the daily chart.
<blockquote>
"That was important (to complete the channel) because it was an indication that this retest of this massive lower boundary on the weekly chart is held."
</blockquote>
The <a rel="nofollow" target="_blank" href="#">$6,500 level</a>, which was tested in December, could end up being a significant bottom for a long period of time.
<em>image by <a rel="nofollow" target="_blank" href="https://twitter.com/PeterLBrandt/status/1223286801198133248?s=19">@PeterLBrandt</a></em>
<a href="https://u.today/bitcoin-btc-bulls-still-have-technical-advantage-after-normal-pullback-jim-wyckoff">card</a>
Weak hands are FOMO'd out
In his video, Brandt also noted that weak hands had been FOMO'd out with the formation of the above-mentioned iH&S chart. The fact that Twitter permabulls were waiting for a dip to the $5,000 level was a signal that the bottom was already in.
<blockquote>
"So I think we've just got rid of a lot of people, and what that means is weak hands are out. There is nothing more bullish to a market when you have a lot of bulls who are basically sold out."
</blockquote>
As <a rel="nofollow" target="_blank" href="#">reported by U.Today</a>, Brandt claimed that the BTC price could aim for $50,000 if the bulls had been completely purged from Twitter.
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Contents
<ul class="article__contents-list"><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h237">Some reasons to be bullish on Bitcoin </a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h379">Weak hands are FOMO'd out</a></li></ul>
Advertisement
In his latest weekly crypto report, commodity trading legend <a rel="nofollow" target="_blank" href="#">Peter Brandt </a>explained why he thinks that Bitcoin (BTC) could be in the early stages of another parabolic move.
<a rel="nofollow" target="_blank" href="#">card</a>
Some reasons to be bullish on Bitcoin
Brandt says that Bitcoin (BTC) remains within a massive bull channel that goes back to 2013. He noted that the top cryptocurrency recently started to redefine another parabolic advance, which is reminiscent of the previous bull market.
<em>image by <a rel="nofollow" target="_blank" href="https://twitter.com/PeterLBrandt/status/1223286801198133248?s=19">@PeterLBrandt</a></em>
The chart shared by Brandt shows that Bitcoin has finally managed to break out of a falling channel after forming <a rel="nofollow" target="_blank" href="#">an inverse head-and-shoulders (iH&S) pattern</a> on the daily chart.
<blockquote>
"That was important (to complete the channel) because it was an indication that this retest of this massive lower boundary on the weekly chart is held."
</blockquote>
The <a rel="nofollow" target="_blank" href="#">$6,500 level</a>, which was tested in December, could end up being a significant bottom for a long period of time.
<em>image by <a rel="nofollow" target="_blank" href="https://twitter.com/PeterLBrandt/status/1223286801198133248?s=19">@PeterLBrandt</a></em>
<a href="https://u.today/bitcoin-btc-bulls-still-have-technical-advantage-after-normal-pullback-jim-wyckoff">card</a>
Weak hands are FOMO'd out
In his video, Brandt also noted that weak hands had been FOMO'd out with the formation of the above-mentioned iH&S chart. The fact that Twitter permabulls were waiting for a dip to the $5,000 level was a signal that the bottom was already in.
<blockquote>
"So I think we've just got rid of a lot of people, and what that means is weak hands are out. There is nothing more bullish to a market when you have a lot of bulls who are basically sold out."
</blockquote>
As <a rel="nofollow" target="_blank" href="#">reported by U.Today</a>, Brandt claimed that the BTC price could aim for $50,000 if the bulls had been completely purged from Twitter.
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twig_render_template('themes/cryptod/templates/node.html.twig', Array) (Line: 372)
Drupal\Core\Theme\ThemeManager->render('node', Array) (Line: 436)
Drupal\Core\Render\Renderer->doRender(Array, ) (Line: 204)
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Denys Serhiichuk
Tomiwabold Olajide
Valeria Blokhina
