TL;DR Breakdown
- Peter Brandt defines the Bitcoin bull market as being “orderly”
- BTC has been topping its yearly highs since the 2015 bull market.
Since the bull market in 2015, the market value of the largest cryptocurrency, Bitcoin (BTC), has been increasing to new highs with every succeeding year. Based on this, the popular veteran trader, Peter Brandt, tweeted on Thursday that the cryptocurrency has been on an orderly bull trend.
Judging by the “orderly” increasing price of the cryptocurrency, one can predict that Bitcoin might end 2021 at another all-time yearly high, except a “black swan” event happens, like the coronavirus pandemic.
Peter Brandt pinpoints increasing BTC adoption
The current Bitcoin bull market began on December 15, 2018, according to Peter Brandt. This was after the cryptocurrency dropped to about $3,128. Since that time, the price of Bitcoin has been continuously increasing, not until the market crash in March 2020, which was caused by the COVID-19 outbreak. So, excluding this event, Peter Brandt defined the Bitcoin bull trend as being “extraordinarily orderly” so far.
The increases in the price of Bitcoin somewhat point out the growing rate of Bitcoin adoption over the years. As more people adopted the cryptocurrency, the price tends to stabilize, thereby resulting in a less bearish market swing. It’s safe to say that increase in BTC adoption helps stabilize the price.
BTC on pace to $60k
During press time, Bitcoin was trading at $58,280, accounting for over four percent price change over the past 24 hours. On Monday, the price of Bitcoin declined to about $53,000 after reaching an all-time high above $61,000 last week. The drop was attributed to whales selling off their position. However, it seems Bitcoin might return to the ATH range soon, with the price currently above $58k.
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