In a recent development, Bitcoin (BTC) has surged past $66K, leading renowned trader Peter Brandt to predict a new all-time high (ATH) for the cryptocurrency. The flagship coin experienced a notable pump of over 6.6 percent in the last 24 hours, reaching about $65,972 during the early Asian session on Thursday. This sudden price surge was instigated by lower-than-expected US inflation data, specifically the Consumer Price Index (CPI), which had a significant impact on both Bitcoin and various altcoins.
Interestingly, Bitcoin’s recent price pump has followed the upward trajectory of major global stock indexes, particularly the S&P 500, which achieved a new ATH within the same timeframe. The rising traded volume of Bitcoin ETFs further emphasizes the heightened demand from institutional investors, leading to a revitalization of bullish sentiment in the market. Market intelligence platform Santiment reported that the top seven spot Bitcoin ETFs recorded a daily traded volume of approximately $5.65 billion, the highest it has been since March 24. Additionally, Hong Kong-based spot BTC ETFs have also experienced noteworthy cash inflows since their inception, with indications of imminent adoption by mainland China investors.
To validate the recent reversal and support the bullish sentiment, Bitcoin price needs to consistently close above the support/resistance level of around $67K. This would confirm the inverted head and shoulder (H&S) pattern as a catalyst for the rally. Peter Brandt, a veteran trader, shared his preferred interpretation of Bitcoin’s price chart on social media, expressing optimism about the cryptocurrency’s future prospects.
Based on Brandt’s analysis, it is suggested that Bitcoin price is poised to achieve a new ATH, supported by the hump, slump, bump, dump, pump (HSBDP) indicator. As excitement and anticipation build within the crypto community, all eyes will be on Bitcoin to see if it can reach new heights in the near future.