The new bitcoin ATH above $ 20,000 is of little technical importance, according to Peter Brandt.
Peter Brandt is far from euphoric after Bitcoin finally surpassed its $ 20,000 ATH.
In his last tweet, the trader says the new maxim has “very little” technical importance for the world’s largest cryptocurrency.
A healthy upward trend
The world’s largest cryptocurrency managed to surpass its previous December 2017 high on November 31. The next day, BTC made its first attempt to conquer the $ 20,000 resistance, which resulted in a brutal rejection.
After a fluctuation in the range of $ 18,000- $ 19,500 for two long weeks, the bulls finally managed to give a decisive push to $ 20,899 on December 16.
Brandt says that reaching a new record is “always” a good indicator for an asset, as it signals that a continuous upward trend is healthy.
Altcoins are far from record levels
Most altcoins still have a long way to go before reaching their previous records. According to a recent report by cryptocurrency analysis firm CoinMetrics, Chainlink (LINK) and Binance Coin (BNB) are the only major ones that are relatively close to their current spikes.
Ethereum (ETH) and XRP are 60 percent and 84 percent below their respective highs reached in January 2018.
Shares are also rising
The stock market is also up. While everyone is focused on Bitcoin, the high-tech NASDAQ Composite index and the little Russell 2000 also quietly registered a new life record today, before giving up some gains.