Veteran Trader: Bitcoin to Target $8,400 After Posting “Big Time Bull Break”

In a jarring early-morning movement, Bitcoin blew past the resistance it was previously facing within the upper-$6,000 region, with this rally allowing bulls to significantly bolster their near-term technical situation. Analysts are now widely noting that Bitcoin is well positioned to see a continuance of the upside that was catalyzed by this movement, with Big Cheds – a popular cryptocurrency analyst – categorizing this move as a “big time bull break” that is punishing shorts.

Peter Brandt, a veteran trader and highly respected analyst, explained in a recent tweet that Bitcoin’s latest upswing has allowed it to break above what appears to be an ascending triangle, with classical charting suggesting that this breakout could lead the crypto to rally up towards $8,400 in the near-term. During Bitcoin’s uptrend in January, $7,700 was a key level that proved to be difficult to surmount, with the break above this price being the point at which some analysts noted the bull market began.

Timeline of Bitcoin