Peter Brandt, trader and head of private trading company Factor LLC, said Bitcoin (BTC) has recently rallied by more than $ 12,000, which has not worried him like the rest of the market.
“I wasn’t very excited about Bitcoin’s progress,” Brandt told Cointelegraph in an interview on September 9. The scheme looks good.
On July 27, Bitcoin definitely crossed $ 10,500, a level that previously stood as a wall on the way to further growth, according to TradingView. On August 17, the asset approached $ 12,500 before dropping to the $ 10,000 range.
“I thought it was very promising,” Brandt said. “It could have led to something else,” he said, adding:
“I’ve always felt Bitcoin really needs to be getting over $ 14,000 to really say we’re back in a trend that’s going to peak all the time and go up a lot.”
As Bitcoin continued to rally after breaking the $ 10,500 resistance, many cryptocurrencies felt a lot of optimism. However, Brandt said he was still skeptical, pointing to Bitcoin near the upper bound of the symmetrical triangle scheme as his guide.
“Crossing the boundaries of the symmetrical triangle doesn’t really matter,” he said, indicating that the subsequent asset price drops to the support level after failing to exit the pattern. “It’s very difficult for me to get excited about the cryptocurrency here,” Brandt said.
While Bitcoin may not be on a rocket path to permanent heights, Bitcoin stock model maker PlanB, an anonymous Twitter analyst, recently predicted interesting days for the asset based on its model.