Bitcoin’s price surged past $90,000 after a recent dip, sparking excitement in the crypto world. Veteran analyst Peter Brandt has identified six key reasons for this bullish turnaround.
Brandt’s Bullish Bitcoin Indicators
Brandt, known for his technical analysis expertise, outlined these factors on social media:
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The 30% Correction: Bitcoin’s recent drop to around $78,900 represented a 30% correction from its all-time high. This kind of pullback is actually common in strong bull markets and often precedes further price increases.
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Support During the Dip: Even with the recent price drop, Bitcoin successfully held support, indicating underlying strength.
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CME Gap Filled: Bitcoin successfully retested and filled a CME futures gap below $80,000. This gap had been a potential bearish signal, but its closure removes that concern.
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“Foot Shot Doji” Candlestick Pattern: The appearance of this specific candlestick pattern suggests selling pressure is waning and a price reversal is likely.
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Three-Day Trailing Stop Rule: This technical indicator shows Bitcoin is regaining strength.
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High-Volume “Puke Out”: A significant sell-off (“puke out”) suggests that many sellers have already exited their positions, reducing further downward pressure.
What’s Next for Bitcoin?
Bitcoin is currently trading above $92,000, and all signs point to continued upward momentum. The recent price surge was initially driven by retail traders following President Trump’s announcement of a US crypto strategic reserve (made during a weekend market closure). However, we can expect further price increases as institutional investors jump in, potentially pushing Bitcoin past $100,000 soon.
