A veteran commodities trader known for accurately predicting Bitcoin’s epic fall from $20,000 says that the leading cryptocurrency is on the cusp of flashing a major buy signal.
Peter Brandt, CEO of trading firm Factor Trading Co., is sharing a chart that shows the crypto king is poised to break out of a symmetrical triangle dating back to 2017. BTC now needs to close out the week above the $11,100 mark for confirmation.
Brandt cites large Bitcoin purchases from payments giant Square and business intelligence company MicroStrategy as significant fundamental factors driving Bitcoin’s price. Collectively, the two companies have bought $500 million worth of Bitcoin within the last month.
“It is a major development that a global corporation is now putting BTC onto its balance sheet. The weekly and daily charts a poised to flash a big buy signal.”
Back in January, Brandt said Bitcoin could surpass $100,000 in its current long-term cycle.
However, as the COVID-19 pandemic continues to hit financial markets, the veteran technical trader revealed last month that he exited the crypto market and moved his assets to the US dollar.
At time of writing, Bitcoin is up 2.5% in the last 24 hours at $11,357, according to CoinMarketCap.
