Veteran trader Peter Brandt is bullish on Bitcoin (BTC) as the flagship cryptocurrency remains about 17% below its all-time high.
Brandt told his 741,800 followers on social media platform .
According to Brandt, Bitcoin typically sees a big rally in the second half of a halving cycle.
Here's what the veteran trader says about what could invalidate his bullish thesis on the crypto tycoon.
“A close below $48,000 invalidates my chart analysis.”
At the time of writing, Bitcoin is trading at $61,070.
The experienced trader also says that Bitcoin has surpassed gold as a store of value.
Based on Bayesian analysis, a tool that calculates the probability of a hypothesis as more data becomes available, Brandt said the Bitcoin-to-gold ratio could exceed 100 once it crosses a three-digit threshold. points out.
“Bitcoin or Gold / BTC vs XAU”
Which is the king of the store of value story?
-Bitcoin is kicking gold
-32 to 1 resistance
-Currently 23-1
-Support from high teens to 1 year old
– New ATH sets 100+ target to 1
– Bayesian analysis says 30% and the market will turn around forever.”
Brandt's bullish stance on Bitcoin is similar to that of the co-founders of blockchain analytics platform Glassnode. Earlier this week, Glassnode co-founders Jan Happel and Jan Alleman, who go by the handle Negentropic on social media platform He said the correction that saw the currency drop to just below the dollar would not be short-term. -He was alive.
“Geopolitical risks caused a correction in Bitcoin last week, but fundamentals have strengthened nonetheless. This positive change is driven by network growth and rising liquidity.
BTC's rise has only just begun. ”
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