By
Steve Muchoki
April 19th, 2024
The recent price behaviors of Bitcoin have shown that it has a very good penchant for growth.
There is a high level of positive price rejuvenation in the digital currency ecosystem with Bitcoin (BTC) leading the way. According to data from CoinMarketCap, at present, the coin is changing hands at $47,026.88, up 5.36% in the past 24 hours and by 14.21% in the past week.
With the growth led by Bitcoin, a ripple effect has been sent through the industry and the bullish price action has engulfed almost all major cryptocurrencies. Drawing on the Bitcoin price lead, the global crypto market capitalization has shot up by 5.03% to $2.12 trillion. Per the trend in the market, many buyers sitting on the fence are likely to start injecting their cash into the ecosystem as a number of investors will not want to miss out on the current run the market is charting.
Peter Brandt on Bitcoin Price Trend
As is common in the crypto ecosystem, the current bull run has gotten a number of analysts talking, one of which is Peter Brandt, a renowned Bitcoin bull and trader. Taking to Twitter, Brandt shared two charts showing BTC price trends in 2019 and at present as shown below.
The $BTC pattern is called an ascending triangle (right). Read about Asc Tris in Schabacker, Study III, pgs 93-
Also, compare present pattern to similar structure in 2019 (left) #Bitcoin pic.twitter.com/IyB2j7f8F6— Peter Brandt (@PeterLBrandt) March 27, 2022
As seen above, the price chart on the left depicts the 2019 bull run which Brandt’s term exhibits an ascending triangle pattern. The pattern is in three successive stages as shown by the trendlines, and the chart on the right is the current trend with a similar base triangle as the first. According to Brand, while the chart’s similarity is obvious, it does not in any way predict the future, but rather can offer probabilities on the expected future price action.
“Charts do NOT predict the future. Chart do NOT even offer probabilities. Charts suggest possibilities and are useful in managing the risks in a trading program. Chart patterns can work, fail or morph. If laser eyes reappear and $BTC stalls, then look out,” he said in the tweet.
The affirmations from renowned traders like Peter Brandt are often seen by many as an authoritative prediction of what is to come, hence the need for what looks like a disclaimer shared by the veteran. Irrespective of the permutations that can be made on Bitcoin, the digital currency is still a highly volatile digital asset, and the price growth can take any direction without notice.
Nonetheless, the recent price behaviors of Bitcoin have shown that it has a very good penchant for growth, and this is showcased in the consistency and stability it has shown since it formed strong support at around the $42,000 price mark. Going by the positive optics the coin has shown with the support and aid to Ukraine per the ongoing war with Russia, many more entities may soon be drawing on BTC as the goto asset when there is a financial distress call, especially with legacy financial institutions