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Bitcoin Price Broke Against M1 Money Supply, Confirms Peter Brandt
Veteran trader Peter Brandt shared a Bitcoin price chart on Saturday indicating a breakout from the M1 money supply. There is a historic breakout in Bitcoin for the first time since March 2017, a similar breakout led to a parabolic rise in the price of BTC. Are we seeing another breakout of at least $100,000?
Bitcoin Price Preparing for a Massive Rally
Trader Peter Brandt has reacted to a chart of Bitcoin versus M1 money supply made by another popular analyst, calling it absolutely incredible. Bitcoin experienced its first breakout from the M1 money supply since 2017. He added that “the argument for Bitcoin is about the eventual destruction of fiat monetary units” such as the US dollar.
The chart plots the price of Bitcoin relative to the total US money supply (M1). This ratio remained below the December 2017 peak. He noted the similarities in chart structure with the Dow Jones industrial average during the great stagflation period of the 1970s, showing the continuation of the inverted health and safety pattern.
He predicts a massive post-breakout Bitcoin price rally in the coming weeks, with analysts saying they have never seen a Bitcoin breakout like this.
The TechDev analyst said a historic move is imminent as people move from USD to Bitcoin. The Bitcoin 5D bullish squeeze also reached an 8-year high.
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BTC price forms several bullish patterns
CoinGap reported an initial cup and handle formation in the price of Bitcoin by Peter Brandt. The cup part is fully formed and the handle pattern is not yet formed. Peter Brandt hints at an imminent BTC price breakout, with confirmation taking place after a downtrend breakout.
BTC Price jumped less than 1% in the last 24 hours, with the price currently trading below $67,700. The 24-hour low and high are $67,181 and $67,818, respectively. Furthermore, trading volume decreased by 50% in the last 24 hours, indicating a decline in trader interest.
Meanwhile, experts have denied the impact of Mount Gox Bitcoin distribution on BTC price as creditors do not plan to sell their Bitcoin in the bull market. Additionally, those who wanted to sell are considering doing so gradually or after investing the payment to maximize gains.
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