Veteran Trader Peter Brandt Asks Macro Guru If Bitcoin Bull Has Finally Awoken From Deep Slumber
Portfolio Pulse from Mehab Qureshi
Veteran trader Peter Brandt has asked macro guru Raoul Pal if Bitcoin (BTC) is heading for a rally. Brandt pointed out several indicators that suggest a potential rally, including the lowest Average Directional Index (ADX) reading since July 2020, indicating a decrease in trend strength and volatility. He also mentioned the possibility of a second retest of the underlying Head and Shoulders (H&S) bottom formation. Pal agreed with Brandt's observations. This comes as Valkyrie Investments received approval from the SEC for an ETF that allows investors to speculate on the future price of Ethereum (ETH).
September 29, 2023 | 5:13 am
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POSITIVE IMPACT
Peter Brandt's analysis suggests that Bitcoin may be heading for a rally, which could potentially impact its price positively in the short term.
Peter Brandt's analysis of Bitcoin's current indicators suggests a potential rally. If his analysis is accurate, this could lead to an increase in Bitcoin's price in the short term.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The approval of Valkyrie Investments' Ethereum ETF by the SEC could potentially increase demand for Ethereum, impacting its price positively in the short term.
The approval of Valkyrie Investments' Ethereum ETF by the SEC could potentially increase demand for Ethereum as it provides a new avenue for investors to speculate on its future price. This could lead to an increase in Ethereum's price in the short term.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80