Bitcoin breaking above $20,000 has “very little” significance from a technical standpoint, according to Peter Brandt.
Peter Brandt is far from feeling euphoric after Bitcoin finally surged above the make-it-or-break-it $20,000 level.
In his latest tweet, the legendary trader claims that the new highs have “very little” technical significance for the world’s largest cryptocurrency.
A healthy bullish trend
As reported by U.Today, the bellwether cryptocurrency managed to update its previous December 2017 high on Nov. 31. The following day, it had its first stab at conquering the $20,000 resistance, which resulted in a brutal rejection.
After see-sawing in the $18,000-$19,500 range for two long weeks, the bulls finally managed to make a decisive push to $20,899 on Dec. 16.
Brandt maintains that reaching a new all-time is “always” a good indicator for an asset since it signals that an ongoing bull trend is healthy.
Image by @PeterLBrandt
Altcoins are far off record highs
The vast majority of altcoins still have a long way to go before touching their previous record highs. According to a recent report by cryptocurrency analytics firm CoinMetrics, Chainlink (LINK) and Binance Coin (BNB) are the only top alts that are relatively close to their current peaks.
Ethereum (ETH) and XRP are currently down 60 percent and 84 percent from their respective all-time highs reached in January 2018.
Stocks are also rallying
The stock market is also in rally mode. While everyone is laser-focused on Bitcoin, the tech-heavy NASDAQ Composite index and small-cap Russell 2000 also quietly logged a new lifetime high earlier today before giving up some gains.