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High-profile crypto strategist Peter Brandt says Bitcoin appears to be setting up for a big move that will propel the BTC price to a new all-time high.
The veteran trader tells his 364,000 Twitter followers that he sees Bitcoin ending its multi-year bear market en route to a surge of 400%.
âThat is actually where my head is. Massive symmetrical triangle in BTC points to ATHs, then $50kâ
The top cryptocurrency briefly climbed above psychological resistance of $10,000 on Sunday.
Brandt also sees the possibility of a long-awaited breakout for XRP.
âXRP/BTCÂ forming a possible inverted H&S bottom. Maybe Ripple Labs, the bag holder, will be able to pull a cat out of the bag.â
Another closely-followed crypto analyst who goes by the name The Crypto Dog tells his 203,000 Twitter followers that he believes the XRP/BTC pair is on the cusp of a new uptrend.
âThis is literally the very beginning for XRP. Let it ride.â
In other trending Bitcoin News today:
Ethereum Price Hits 2020 High: Key Reasons Why ETH Outperforms Others
The price of Ethereum (ETH) has reached a new yearly high at $322, surpassing the previous high achieved in February 2020.
Three key catalysts are seemingly behind the ETH rally. Since early 2020, the anticipation of Ethereum 2.0, which would enable staking for users, pushed the demand for ETH upward.
Staking allows users to receive incentives when miners are eliminated from the Ethereum network.
A proof-of-stake consensus algorithm does not need miners on the protocol.
Instead, users with a stake in ETH collectively process data and information through staking.
In return, they receive rewards in the form of ETH.
After the so-called âBlack Thursdayâ correction on March 13, when ETH briefly dropped below $90, the DeFi market began to expand rapidly.
When new protocols, like Compound, introduced their incentive systems, the demand for decentralized finance increased even further.
In May, less than $1 billion was locked in DeFi platforms. As of July 26, more than $3.75 billion is locked across various DeFi protocols.
The optimism around DeFi and Ethereum 2.0 eventually led to Ether spot and options markets setting record high volume and open interest.
Since the start of the second quarter, the ETH options market has continuously soared to new highs in terms of trading activity.
Consequently, it intensified the uptrend of ETH in a short period. Cryptocurrency on-chain market data analysis firm Santiment said ETH broke out of $300 for the 42nd time in history.
An upsurge above $350 would be significant, according to researchers, because it has only happened three times in the past. Santiment stated in a tweet:
âItâs clear that Ethereum is sitting in its âsweet spotâ where the most polarization has historically unfolded (between the $200 and $300 levels) during its five year history.â
Based on the technical market structure of Ether, some traders said that $308 and $400 remain as the key short-term resistance levels.
Michaël van de Poppe, a Cointelegraph contributor and a full-time trader at the Amsterdam Stock Exchange, said in a tweet that ETH has increased higher than expected:
âGoing a little higher than the plan initially was, a month ago. But weâre doing fine. Might be on the resistance at the $308 level. But thatâs basically final hurdle before $400+, to me.â
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
That is actually where my head is. Massive symmetrical triangle in $BTC points to ATHs, then $50k
â Peter Brandt (@PeterLBrandt) July 25, 2020
https://www.coindesk.com/research/reports/ethereum-2-0-how-it-works-and-why-it-matters
https://cointelegraph.com/news/ether-price-hits-2020-high-key-reasons-why-eth-outperforms-others
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