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Peter Brandt was not particularly impressed by Bitcoin’s surge above $ 12,500

September 11, 2020

The trader and head of the patented trading company Factor LLC, Peter Brandt, said Bitcoin (BTC) recent spike above $ 12,000 didn’t excite him as much as the rest of the market.

“I’m never very excited about the Bitcoin movement,” Brandt told Cointelegraph in an interview on September 9th. “I think it was constructive, the move we made to Bitcoin in late July,” he said and found the graphics looked fine.

July 27th Bitcoin eventually broke $ 10,500, a level that previously acted as a barrier to the asset’s attempts to move higher. according to TradingView data. Until August 17th The asset rose nearly $ 12,500 before falling into the $ 10,000 range.

Peter Brandt was not particularly impressed by Bitcoin’s surge above $ 12,500Peter Brandt was not particularly impressed by Bitcoin’s surge above $ 12,500

“I definitely found it promising,” Said Brandt. “It could have driven something else”, noted and added:

“I’ve always felt that Bitcoin would have to break above $ 14,000 to say that we are back in a trend that will break the all-time highs and go much further.”

As Bitcoin continued to rise after breaking its $ 10,500 resistance, Much of the crypto room felt great optimism. Brandt, however He said he remained skeptical and referred to Bitcoin’s position near the top of a symmetrical triangle chart pattern as a guide.

“Piercing the border of a symmetrical triangle actually means nothing”, said referring to the subsequent drop in asset price on support after the pattern could not be broken. “I find it difficult to get excited about crypto here”, Said Brandt.

Although Bitcoin may not be on its way to its all-time highs, the creator of the stock-to-flow model has PlanB, an anonymous analyst on Twitter, recently used its modeling to predict interesting days for the asset.

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