Legendary trader Peter Brandt has recently warned the Bitcoin bulls that all the attempts to break the price of Bitcoin above the level of $40K could end up failing. While the price of Bitcoin is still struggling to show an upward momentum despite every effort of the bulls in the market.
Trader Peter Brandt Warns Bitcoin Bulls Regarding the Ongoing Rally
While warning the bulls in the market regarding the ongoing rally in the flagship cryptocurrency, Brandt pointed to the fact that Bitcoin was rejected at the levels mentioned earlier on multiple occasions.
He revealed that back in the month of May, the cryptocurrency tried to break above the level of $40K, which resulted in a correction of over 30% in the price of the asset in a matter of a week.
At that time, BTC’s price plunged to as low as $28,675 on June 22.
Witnessing the earlier cases of Bitcoin price, Sven Henrich, the NorthmanTrader founder warned that sporadic summer rallies have a tendency to falter.
Not only Bitcoin and Etheruem, but other altcoins are also rallying as a result of the ongoing bull run in the market.
Bitcoin Hits Technical Test Levels
As Bitcoin is marching towards the extension of its rally, it is facing another technical resistance at the $40K level.
In the recent bull run, there has been around a 15% gain in the price of BTC.
In accordance with the data released by a popular technical indicator named Ichimoku cloud, the price of BTC is also pushing up against the top end of the indicator.
As for the details regarding the use case of this indicator, it utilizes a series of mathematical formulas in order to provide assistance in defining resistance and support relative to the price, with a breakout over the top providing suggestions for further potential gains.
