Bitcoin

Polkadot

Chainlink

<div class="finbold">
 <p class="paragraph">Legendary <a rel="noopener noreferrer nofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a> Peter Brandt believes Bitcoin (BTC) might be on the brink of a major breakout, drawing parallels to a significant <a rel="noopener noreferrer nofollow" title="stock" href="https://thebittimes.com/tag/stock.html">stock</a> <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> surge in the mid-1980s.</p>
 <p class="paragraph">According to Brandt, BTC mirrors historical patterns that preceded a prolonged bull market, suggesting Bitcoin could follow a similar trajectory.</p>
 <p class="paragraph">In an X post (formerly Twitter), renowned trader Peter Brandt highlighted a striking similarity between a current Bitcoin chart and a pattern observed in the stock market during the mid-1980s, a period marked by a significant breakout.&nbsp;</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picks for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    AI sets Chainlink (LINK) price for June 30, 2024 <span class="self-center text-xs text-slate-500">2 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Whale scooped $26.7M in ETH after $76.6M profit amid market surge <span class="self-center text-xs text-slate-500">4 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Crypto trader turns $500K into $5.3 million in six months <span class="self-center text-xs text-slate-500">4 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    PolkaPort East launches in Hong Kong, supporting the decentralization of&nbsp; Polkadot ecosystem&nbsp; <span class="self-center text-xs text-slate-500">5 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">The argument for Bitcoin relates to the eventual destruction of fiat currency units (e.g., $USD)<br>This chart on right plots price of Bitcoin $BTC in relationship to total U.S. money stock (M1). This ratio remains below the Dec 2017 high. Interesting to note similarities in chart… pic.twitter.com/yQEAm3lMAX</p>— Peter Brandt (@PeterLBrandt) June 1, 2024
   </blockquote>
  </div>
 </figure>
 <p class="paragraph">Brandt focuses on the Bitcoin versus M1 money supply chart (BTC/WM1NS), which compares Bitcoin’s value against the total money supply in the US economy.&nbsp;</p>
 <p class="paragraph">According to Brandt, the BTC/WM1NS chart mirrors a pattern seen about four decades ago when the Dow Jones Industrial Average (DJIA) ignited a bull market, ending the stagflation era of the 1970s.</p>
 <h3 class="wp-block-heading" id="h-the-bullish-pattern-inverted-head-and-shoulders"><strong>The bullish pattern: Inverted head and shoulders</strong></h3>
 <p class="paragraph">Brandt highlights that the BTC/WM1NS chart exhibits an inverted head and shoulders pattern. This bullish formation indicates that buyers are no longer waiting for the price to revisit lows before entering the market.&nbsp;</p>
 <p class="paragraph">If the BTC/WM1NS chart witnesses a breakout, it would suggest that Bitcoin’s value is significantly outpacing the growing amount of US dollars.</p>
 <p class="paragraph">During the 1970s, the DJIA exhibited a pattern that Brandt believes is now mirrored in Bitcoin’s performance against the increasing supply of US dollars.</p>
 <p class="paragraph">The <a rel="noopener noreferrer nofollow" title="similar" href="https://thebittimes.com/tag/similar.html">similar</a>ities in chart structure to the DJIA during the 1970s are striking, and the continuation of this inverted head and shoulders pattern could signal an impending major breakout for Bitcoin.</p>
 <h2 class="wp-block-heading" id="h-techdev-s-supporting-analysis">TechDev’s supporting analysis</h2>
 <p class="paragraph">Adding to the bullish sentiment, a crypto strategist <em>TechDev,</em> believes that BTC is gearing up for a significant price explosion. TechDev notes that Bitcoin’s trading range on the five-day chart is at its tightest level in eight years.&nbsp;</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">Historic move imminent.#Bitcoin's 5D bullish compression has reached its highest level in 8 years. pic.twitter.com/XektgbM0It</p>— TechDev (@TechDev_52) June 1, 2024
   </blockquote>
  </div>
 </figure>
 <p class="paragraph">The narrowing trading range suggests that an ensuing breakout will likely lead to steep and rapid rallies. He also highlights the BTC versus M1 money supply chart, recently witnessed a “textbook breakout.”</p>
 <p class="paragraph">This breakout, TechDev asserts, could ignite a parabolic surge, potentially ending this cycle with a blow-off top <a rel="noopener noreferrer nofollow" title="similar" href="https://thebittimes.com/tag/similar.html">similar</a> to those seen during the 2017, 2015, and 2013 bull <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a>s.</p>
 <h2 class="wp-block-heading" id="btc-price-analysis">BTC price analysis</h2>
 <p class="paragraph">At press time, Bitcoin (BTC) is trading at $70,784, showing a 24-hour increase of 2.5%.</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="900" height="723" src="https://cdn.thebittimes.com/images/2024/06/05/1c01941caf6da4095ca2c59c3a824ed8.webp" alt="" class="wp-image-180878" srcset="https://cdn.thebittimes.com/images/2024/06/05/1c01941caf6da4095ca2c59c3a824ed8.webp 900w, https://cdn.thebittimes.com/images/2024/06/05/1c01941caf6da4095ca2c59c3a824ed8.webp 300w, https://cdn.thebittimes.com/images/2024/06/05/1c01941caf6da4095ca2c59c3a824ed8.webp 768w" sizes="(max-width: 900px) 100vw, 900px">
  <figcaption class="wp-element-caption"><em>BTC 7-day price chart. Source: Finbold</em> <br>
  </figcaption>
 </figure>
 <p class="paragraph">With patterns reminiscent of historical market breakouts and technical indicators suggesting bullish momentum, Bitcoin could be on the verge of a significant surge.&nbsp;</p>
 <p class="paragraph">The next few months will be crucial in determining whether Bitcoin will meet these optimistic predictions and potentially reshape the financial landscape.</p>
 <p class="paragraph"><br><strong><em>Disclaimer: </em></strong><em>The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-could-trigger-a-stock-market-boom-similar-to-the-1980s-says-veteran-trader-tbt91364.html">https://thebittimes.com/bitcoin-could-trigger-a-stock-market-boom-similar-to-the-1980s-says-veteran-trader-tbt91364.html</a></p>

Bitcoin could trigger a stock market boom similar to the 1980s, says veteran trader

Table of Contents

TheBitTimes

Other articles published on Jun 4, 2024

Binance founder, Changpeng Zhao begins 4-month sentence in US federal prison

Analyst Sees Major Rally for CHZ, PYTH, LTC and FET

AI Risks Spark Concern Among OpenAI, Anthropic, Google DeepMind Staff

Can XRP Price Recover? Analyzing the Potential for a Rebound

Coinbase’ Pro-Crypto Push with $25M Donation to Fairshake Super PAC

BlockDAG's Lunar-Keynote Showcases Blockchain Evolution: Potential Prospects for Polygon (MATIC) ...

Join our free newsletter for daily crypto updates!