Baby Got Back: 50-Year Veteran Trader Compares Bitcoin Bottoms

Whether it is Bitcoin or another asset, bottoms can be hard to spot until much later in hindsight. That is unless you are Peter Brandt, career commodities trader with nearly 50 years of market experience. In a new comparison, Brandt compares the crypto bear market bottom he predicted a year in advance, with the current pattern that recently pushed Bitcoin beyond $45,000. Here is the full comparison along with why it might be worth listening to Brandt’s words of wisdom. 50-Year Trading Veteran Hints At Possible Bitcoin Bottom In a new tweet, founder of The Factor Report Peter Brandt compares the late 2018, early 2019 bear market bottom, with the current Bitcoin price action. Brandt specifically calls attention to the ascending triangle pattern that Bitcoin price appears to have broken out of, and its resemblance to what turned out to be the ultimate price floor. Related Reading | This Bitcoin “Heatmap” Suggests A Blazing Cycle Peak Is Still Ahead The classical chartist cites reference to what is considered “the real bible of technical analysis” – the book Technical Analysis and Stock Market Profits: A Course in Forecasting by Richard W. Schabacker. The expert technician even references the exact page number where more details on the pattern can be found. In a recreation of Brandt’s chart below, the two potential Bitcoin bottoms are compared directly. In addition to the ascending triangle...