Bitcoin and the overall crypto markets are continuing to show incredible signs of strength. The flagship cryptocurrency is now trading above $9,900 as $10K beckons profusely. This is the first time in many weeks that it has been able to demonstrate a steady uptrend.
According to veteran trader Peter Brandt, one key indicator suggests bitcoin will continue ripping higher from here to fresh all-time highs.
Bitcoin Rallies Past $9,900 As Upward Momentum Grows
After being stuck in a consolidation phase in the $9000-$9,300 range for months, bitcoin investors were excited to see a sizable move that launched its price to $9,900. The cryptocurrency looks primed to see further upside in the near-term.
What’s interesting about this rally is the fact that altcoins have significantly outperformed bitcoin. Ethereum, for instance, broke out from around $245 to over $300. Even Litecoin (LTC) — often deemed as the silver to bitcoin’s gold — has surged which Peter Brandt thinks is an ominous sign. He posited that when LTC joins the party, it basically means the party is almost coming to an end.Â
“When lowly $LTC finally joins the party, it may mean that the party is almost over.”
Chart By Peter Brandt
However, it’s not all bad news. Brandt believes BTC is very likely to print new all-time highs owing to a technical pattern.
“Massive” Symmetrical Triangle Pattern Indicates BTC Is Targeting All-Time Highs
Responding to crypto analyst Tuur Demeester, Peter Brandt observed that a “massive symmetrical triangle” in bitcoin points to ATHs. In technical analysis, a symmetrical triangle is formed when two trendlines converge. This pattern is often followed by a significant breakout.
At the moment, bitcoin is trading in a symmetrical triangle that was formed back in December 2017 as the asset climbed to the current peak of $20K. Brandt postulated that bitcoin is looking poised to break out of this triangle and take out all-time highs.
Although bitcoin may encounter some resistance along the way, if this pattern plays out, bitcoin could rally even higher. Brandt expects BTC to go as high as $50,000, although he did not give an exact timeline on when this is supposed to happen.
