Veteran trader Peter Brandt, who is popular for his technical analysis of crypto assets like Bitcoin and other conventional trading instruments, has painted a bullish picture for BTC in the near future. However, an upwards trend would be contingent on a significant breakout that could trigger a rally with considerable momentum.
Perhaps one more shake out break, then thrust higher. But hey, that’s just a guess, and guessing is the best we have to offer. If anyone is dogmatic about their brilliance, turn and run, protecting your wallet. pic.twitter.com/bnJN1zpzaH
— Peter Brandt (@PeterLBrandt) May 22, 2023
Brandt took to Twitter earlier today to share his analysis of the flagship cryptocurrency. According to the trader, Bitcoin might be poised for an upward price action following “one more shake out break”. In finance, a shake out refers to a scenario where several traders exit their positions in a stock or market segment at the same time, often at a loss.
Shake outs might be prompted by uncertainty or negative events surrounding a particular asset, which in this case in Bitcoin. In the context of Peter Brandt’s tweet, a shake out in technical terms translates to price correction of a leading asset. According to Investopedia, after a shakeout, a bullish trend often reasserts, leading to a rise in the asset’s price.
According to Peter Brandt, a shake out break in BTC might lead the cryptocurrency to “thrust higher.” However, Brandt’s tweet came with a fair warning that his analysis was just to be considered a guess. The veteran believes that too much conviction in one’s analysis might not inspire sound financial advice.
Brandt’s followers seemed to agree with his analysis and the outlook for Bitcoin in the near future. His latest analysis comes just days after he told his followers on Twitter that BTC’s chart displayed signs of a head and shoulders pattern, signaling a potential dump.
At the time of writing, Bitcoin was trading at $26,851. The flagship cryptocurrency has lost more than 9% of its value since the beginning of the month. Earlier this month, BTC’s daily trading volume reached as low as $6.8 billion, marking its lowest point since the beginning of 2023. Data from Coinglass shows that the total open interest on BTC perpetual contracts has hiked by 0.81%.
