Bitcoin’s $12.5K pump didn’t do much to impress Peter Brandt
He seemed to feel that Bitcoin may not be out of the trenches yet.
Trader and head of proprietary trading firm Factor LLC, Peter Brandt, said Bitcoin’s (BTC) recent run up past $12,000 did not excite him as much as it did the rest of the market.
“I never got super super excited about the advance in Bitcoin,” Brandt told Cointelegraph in a Sept. 9 interview. “I thought it was constructive — the advance we had in Bitcoin starting in late July” he said, noting the chart looked good.
On July 27, Bitcoin definitively broke $10,500, a level which previously stood as a wall against the asset’s attempts at rising further, based on TradingView data. By Aug. 17, the asset found itself up near $12,500 before falling back down to the $10,000 range.
“I thought that was definitely promising,” Brandt said. “It could have fueled something more,” he noted, adding:
“I just always felt like Bitcoin really needed to get above $14,000 to really be able to say we’re back in a trend that will take out all-time highs and go much higher beyond that.”
When Bitcoin kept rising higher after surpassing its $10,500 resistance, much of the crypto space felt a sense of great optimism. Brandt, however, said he remained skeptical, referring Bitcoin’s position near the top limit of a symmetrical triangle chart pattern as his guide.
“Piercing the boundary of a symmetrical triangle really doesn’t mean anything,” he said, referencing the asset’s subsequent price fall into support after failing to break out of the pattern. “I just have a really hard time getting excited about crypto here,” Brandt said.
Although Bitcoin may not be on a rocket path toward all-time highs, Bitcoin stock-to-flow model creator, PlanB, an anonymous analyst on Twitter, recently forecasted interesting days ahead for the asset, based on his model.
