Trading legend Peter Brandt has suggested that Bitcoin could be on the verge of a historic move.
Brandt’s chart displays an inverted expanding triangle. Two downtrend lines connect each high and low.
Earlier this week, traders said the series of lower highs and lower lows had not yet been breached. He believes major cryptocurrencies could reach $150,000 by next September.
A break above the upper trend line could indicate an ongoing rest phase followed by a sharp rise.
According to data from CoinGecko, the price of the leading cryptocurrency is currently hovering at $67,520. It has fallen just 0.1% in the past 24 hours.
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Some commentators have pointed to the fact that Bitcoin’s train volume is too thin for a strong rally. “When too many people expect something to happen in the market, there is a greater chance of failure,” User X said.
Many also point out that there is little enthusiasm for Bitcoin among the general public. As reported by U.Today, Google searches for the term “Bitcoin” hit a yearly low earlier this month. The general public seems blissfully unaware of the fact that Bitcoin is only 8.5% away from its all-time high.
There is obvious frustration in Bitcoin’s seemingly never-ending series of trading ranges.
Despite Bitcoin’s seemingly lethargic performance, IBIT is the main 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.
