Seasoned trader Peter Brandt recently shared his insights on the current state of the cryptocurrency market, particularly focusing on Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). Brandt, who commands a large following on social media, highlighted the strength he sees in these digital assets.
Starting with Bitcoin, Brandt pointed out that the leading cryptocurrency is still trading within a consolidation pattern. While he acknowledged that BTC has broken above the resistance of the pattern, he emphasized that Bitcoin would only enter bull territory once it surpasses its all-time high near $74,000. Brandt’s chart analysis indicated that a seven-month inverted expanding triangle is forming, with Bitcoin yet to violate the sequence of lower highs and lower lows from March 2024. Despite this, Brandt disclosed that he holds a significant long position in Bitcoin, expressing confidence in its potential for growth.
As of the time of writing, Bitcoin is valued at $67,363, showcasing its resilience and stability in the market.
Moving on to Ethereum, Brandt highlighted that ETH has broken out of a bullish reversal pattern on the daily chart. He specifically mentioned an inverted head-and-shoulders pattern, which is typically viewed as bullish by traders. Brandt disclosed that he is currently not holding any position in Ethereum, indicating a neutral stance on the asset.
At the time of writing, Ethereum is priced at $2,622, reflecting its positive momentum and potential for further appreciation.
Lastly, Brandt discussed Solana, a prominent competitor to Ethereum. According to him, SOL is exhibiting a cup and handle pattern, suggesting a period of consolidation before a potential upward movement. Brandt noted that he currently does not have a position in Solana, highlighting his observation of the asset’s chart pattern.
At the time of writing, Solana is trading at $166.40, showcasing its stability and potential for growth in the cryptocurrency market.
Brandt concluded by mentioning that Bitcoin, Ethereum, and Solana are among the most intriguing chart developments he is currently monitoring. He also highlighted other assets like Silver and Bitcoin versus gold as noteworthy chart developments worth watching.
In conclusion, Peter Brandt’s analysis provides valuable insights into the current state of the cryptocurrency market, highlighting opportunities for traders and investors to capitalize on the potential growth of Bitcoin, Ethereum, Solana, and other digital assets. Stay tuned for more updates on these exciting developments in the crypto space.