Saturday, May 21, 2022
Home Crypto News Market Veteran Trader Peter Brandt Agrees To Bitcoin Accumulation Phase, Also Suggests A...

Veteran Trader Peter Brandt Agrees To Bitcoin Accumulation Phase, Also Suggests A Breakout

- Advertisement -
Follow-Us-On-Google-News

Veteran Trader Peter Brandt Agrees To Bitcoin Accumulation Phase.



One of the most exciting things about Bitcoin is that it operates in cycles, leaving patterns for analysts to read. After hitting a new all-time high in Q4 2021, the top digital asset entered a new cycle phase – the accumulation phase.

Blockwise, a platform that provides on-chain metrics for Bitcoin, wrote in a tweet that Bitcoin goes through two phases after every “macro top,” like the over $60,000 that Bitcoin reached in 2021. The top crypto trader Peter Brandt agrees with this analysis which shows that Bitcoin is in the accumulation phase now.

According to the above stats, Bitcoin takes two years in the accumulation phase before making new highs. Brandt agrees that BTC is in the accumulation phase and will enter the rocket stage in 2024.

According to Peter Brandt:

“The past two times BTC advanced 10X or more required an average of 33 months before the next stage of the rocket kicked in. If history repeats itself (which I do not believe it will), the next rocket stage will be ignited in May 2024.”

Bitcoin approaching floor price

According to Blockwise, Bitcoin has entered an accumulation phase nearly six months into it. This phase usually lasts approximately two years, but the first six months mark a floor price, a trend that has existed since 2014.

Bitcoin could be approaching this price now as it reaches nearly six months into the two-year accumulation phase in 2022.

Another analyst, PlanC, confirms this with his Accumulation Phase Floor Confirmation Cross. He says that the floor price of the accumulation phases came within 0-29 days of the last three crosses.

 

During these times, Bitcoin’s price dropped to its Confluence Floor Model price, which currently sits at $27,681. The model also shows that the cross already occurred 38 days ago, which means the floor price is long overdue. This may be indicating a shift from the trend, suggesting there will be no price drop this time, or the floor price may come much later than usual.

Bitcoin Fear and Greed Index confirms accumulation.

The Bitcoin Fear and Greed Index shows the dominant sentiment in the market concerning the asset at any point in time. Most investors are skeptical when there is fear because the price doesn’t look “promising.” 

 

For smart investors, Mostly whales, this is usually the best time to accumulate, which whales are busy buying and holding BTC as price dips in the accumulation phase.

- Advertisement -

Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Can Pac-Man Frog (PAC) Outperform ApeCoin (APE) And Theta Network (THETA)?

Cryptocurrencies are all anyone has been able to talk about for the past couple of years. They are an innovative way of thinking about...

Secure DeFi Protocols: Calyx Token (CLX), Chainlink (LINK), and Aave (AAVE)

An ongoing prevalence of hacks, attacks, and exploits within the cryptocurrency space highlights the importance of verifying the security and integrity of a protocol...

Beware of Malicious Proposals, Terra (LUNA) Team Says No Dapps Launched on Terra 2.0 

Terra Team Warns Community to Beware of Malicious Proposals, Says No Decentralized Application Has Launched on Terra 2.0. ...

CZ On Terra (LUNA): “Most Stupid Design Flaw Is Thinking Minting More Of An Asset Will Increase Total Value”

  Binance CEO: Terra Had The Chance To Save Luna And UST When The De-peg Was At 5% But They Failed To Act.

Ethereum Co-Founder Vitalik Buterin Says He Is No Longer A Billionaire

The Ethereum exec was also affected by last week’s cryptocurrency dip that wreaked havoc on investors.  window.coinzilla_display...

Market Pundit: UST And Terra (Luna) Collapse Is NOT An Indication That Crypto Market Is Ending

  Crypto Market Is Not Ending Because Of Terra. window.coinzilla_display = window.coinzilla_display || ; var...

Another Top American Exchange Halting Terra USD (UST) Trading After Coinbase

Gemini follows Coinbase to halt UST trading. window.coinzilla_display = window.coinzilla_display || ; var c_display_preferences...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.