Analyst Peter Brandt called the condition for the bitcoin rate rise

According to the trader, the value of the first cryptocurrency would be affected by the closing of trading 50% above the seven-day moving average

27.06.2022 - 14:45

1 min

What’s new? Cryptocurrency analyst and trader Peter Brandt shared a chart on Twitter that he thinks will have a big impact on bitcoin. He believes that a 50% trading close above the seven-day moving average (MA) will positively impact the price of the first cryptocurrency.

This chart could be the big “tell.” A decisive close back above 50% would be huge positive $btc pic.twitter.com/X9TrEok4GP— Peter Brandt (@PeterLBrandt) June 26, 2022

A moving average is an indicator that displays the average price of an asset over a certain period of time. It is usually used to determine the trend, as well as areas of support and resistance.

Who is Peter Brandt? He is a cryptocurrency analyst and trader who has worked in the financial markets for more than 40 years. Brandt is the creator of Factor Trading, a service that provides expert reports and analysis of asset value charts.

Bitcoin is trading at $20 746 as of June 27 at 14:20 UTC, down 3,34 percent in 24 hours, according to Binance.

Earlier, crypto analyst Benjamin Cowen said that bitcoin may be on the verge of entering an accumulation phase. He used the market value to realized value (MVRV) Z-score to make his prediction.

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