[Peter Brandt confirms that Bitcoin price has exceeded M1 money supply]
Veteran trader Peter Brandt shared a Bitcoin price chart against the M1 money supply on Saturday, showing Bitcoin breaking out for the first time since March 2017, a similar breakout that led to a parabolic rise in BTC prices. Does this mean we are witnessing another breakout to at least $100,000?
Brandt responded to another well-known analyst’s Bitcoin vs. M1 money supply chart, calling it “absolutely stunning.” He pointed out that this breakthrough for Bitcoin has occurred for the first time since 2017 and emphasized that "Bitcoin's argument is related to the eventual destruction of fiat currency units such as the US dollar."
This chart compares Bitcoin price to the total U.S. money supply (M1). The rate remains below its December 2017 high. Brandt noted similarities in the chart structure to the Dow Jones Industrial Average during the Great Stagflation of the 1970s, showing a persistent inverted head and shoulders pattern.
He predicted that the price of Bitcoin will rise significantly after the breakout in the coming weeks, claiming that analysts have never seen a Bitcoin breakout like this.
Analyst TechDev also said that a historic move is coming as people switch from the US dollar to Bitcoin. Bitcoin 5-day bullish compression also reached its highest level in 8 years.
CoinGape reported on Brandt’s early cup-and-handle pattern in Bitcoin prices. The cup-shaped part is fully formed, while the handle-shaped part is not yet formed. Brandt hinted that BTC price is about to break out, with confirmation that it will occur after a downtrend breakout.
BTC price has increased by less than 1% in the past 24 hours and is currently trading below $67,700. The 24-hour low and high prices were $67,181 and $67,818 respectively. Additionally, trading volume has dropped by 50% in the past 24 hours, showing a decline in trader interest.
Meanwhile, experts have dismissed the impact of Mt. Gox’s Bitcoin distribution on BTC prices, as creditors are not planning to sell their Bitcoins in a bull run. Additionally, those who want to sell plan to sell gradually or after investing to maximize their gains.
These observations and predictions indicate that Bitcoin may usher in a wave of strong growth in the future, and investors and traders need to pay close attention to market dynamics and prepare for potential market fluctuations.
