Bitcoin To Reach New ATH In 2022

The crypto market exploded, and the prices are looking juicy today as well. Check out the latest reports about the price of Bitcoin and other digital assets.

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $47,526.

It’s been revealed that the trader Peter Brandt is keeping a close eye on Bitcoin (BTC) as the king coin threatens to print fresh 2022 highs.

The veteran trader, who is known for correctly calling Bitcoin’s 2018 collapse, recently said that Bitcoin’s recent price action is reminiscent of its market structure in April 2019 when BTC dropped at $3,500 before igniting the first leg of its bull cycle.

“The BTC pattern is called an ascending triangle [bottom]. Read about Asc Tris in Schabacker, Study III, pgs 93. Also, compare the present pattern to a similar structure in 2019 [top image]. Bitcoin.”

On the other hand, Brandt emphasizes that even a technical breakout does not guarantee that Bitcoin will follow its 2019 rally.

“Charts do NOT predict the future. Charts do NOT even offer probabilities. Charts suggest possibilities and are useful in managing the risks in a trading program. Chart patterns can work, fail or morph. If laser eyes reappear and BTC stalls, then look out.”

It’s been just reported that a leading crypto analytics firm is looking at what’s under the hood of Bitcoin to see what’s powering BTC’s latest rally.

In a new video, Glassnode says that short sellers, or those who were betting on the sustained drop of Bitcoin’s price, were responsible for carving out a bottom for BTC.

“Short liquidations typically happen when we have very violent upswings. Essentially, people get very comfortable with it with a market trend. They see it going down, and down and down…”

Check out our previous article in order to learn what’s been boosting the price of BTC.