It’s been somewhat a good time for Bitcoin (BTC) holders following the breakout of the cryptocurrency and then its subsequent rise to $47,000, but many crypto experts, including veteran trader Peter Brandt, have expressed their opinions about what further movement to expect of the leading cryptocurrency.
Peter Brandt Likens Bitcoin’s Breakout To 2019
Back in 2019, when BTC was trading between $4,000 and $8,000, the cryptocurrency experienced a breakout from the symmetrical rangebound. However, according to a chart provided by Brandt, the veteran trader also sees a similar pattern and so expects a similar price movement.
Interestingly, Bitcoin soon entered the ascending range after seeing a 20% gain following the 2019 breakout. And soon after, there was yet another breakout that eventually brought the leading cryptocurrency to new local highs at the time. In fact, the pump that happened after resulted in about 50% price increase.
Meanwhile, despite the striking semblance of current movement with historical movements, Peter Brandt is still issuing a disclaimer. The trader warns the crypto community that charts do not have a hundred percent future prediction capabilities. According to him, the charts and strategies are useful only within trading programs that would take proper risk management.
Additionally, he said that if $BTC cash tag “stalls and laser eyes reappear,” then traders must pay attention.
How’s Bitcoin Performing ?
According to TradingView chart, Bitcoin has successfully broken through the resistance line of an ascending rangebound. And now, it seems the price may have settled at around $47,000. However, the intraday high as at press time is $47,800.
Besides breaking through the rangebound, BTC also moved through a 200-day exponential moving average, which has acted as a strong resistance since December 2021. At press time, Bitcoin trades at exactly $47,191.