Peter Brandt: Bitcoin May Be in Bull Market – Depending on ”Cryptocultists”

Peter Brandt: Bitcoin May Be in Bull Market - Depending on ”Cryptocultists”

As anyone keeping an eye on the crypto markets will know, Bitcoin has made massive price gains recently. Now, veteran trader Peter Brandt, best known for predicting Bitcoin’s price peak at $20,000 in 2017, indicates Bitcoin’s bullish again.

Brandt: Bitcoin may be in the middle of a bull run

At the time of writing, Bitcoin is trading at a price of $8,390. This gain comes just roughly a week after Bitcoin was previously trading in the high $6,000s. Consequently, some observers have started to speculate whether this might be the beginning of a new Bitcoin bull market.

On January 8th, Peter Brandt sent out a tweet sharing his views on the subject. Specifically, Brandt is said to now be watching the cryptocurrency market performance closely to determine its upcoming development.

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Moreover, Brandt names a few factors that indicate a Bitcoin bull market may be in full swing. However, he also notes that the deciding factor is that of ”cryptocultists”. As the name suggests, ”cryptocultists” is Brandt’s term for those cryptocurrency supporters that generally do not trade Bitcoin. The first part of Brandt’s tweet reads as follows:

 ”Has a new bull market began in #Bitcoin $BTC? 1. Market held support at lower boundary of multi-yr channel[,] 2. Small H&S bottom on daily chart[,] 3. Pending penetration of 6+ mo channel.”

If ’cryptocultists’ have left the market, the bullish potential may be greater

The fact that the crypto market has held support at the lower boundary of the multi-year channel, instead of falling below this, is one of the bullish indicators Brandt mention. Furthermore, if Bitcoin continues to surge, it could be the most significant gains in the last six months.

With that said, Brandt’s statement regarding ”cryptocultists” is perhaps even more interesting. These crypto supporters generally hold crypto, including Bitcoin, regardless of market circumstances. 

As such, Brandt identifies their behavior as key to deciding whether Bitcoin is in a bull market or not. The latter part of his tweet notes that if these are not investing right now, Bitcoin is likely in a bull market.

”If enough cryptocultists have been shaken out since Dec ’17, then ’yes’ [Bitcoin is in a bull market] […] If not, then ’no’”

Moreover, Brandt also said that he does not believe it is ”too early” for a new Bitcoin bull run. ”I think exactly the opposite. If there are many waiting, then they may wait forever,” Brandt said.