Trading Legend Peter Brandt Bullish on Bitcoin Cash

Veteran trader Peter Brandt has recently drawn attention to Bitcoin Cash (BCH), surprising many in the crypto community who were anticipating commentary on Bitcoin (BTC). He sees potential for BCH due to its long-term price patterns and recent market activity.

Key Takeaways

Peter Brandt is highlighting Bitcoin Cash (BCH) instead of Bitcoin (BTC).
He suggests BCH is on the verge of a breakout due to a long-term resistance level at $719.43.
Currently, BCH is trading at $655.58, indicating it is close to a new high.
Brandt notes a period of accumulation and rising volume, which could lead to significant price movement.
A breakout above $720 could mark the first new monthly high for BCH since May 2021.

Trading Legend Peter Brandt Bullish on 'Bitcoin,' But Not the One You Think

Peter Brandt's Interest in Bitcoin Cash

Veteran trader Peter Brandt has recently spotlighted Bitcoin Cash (BCH) in a manner likely to surprise many in the crypto community. While most people were anticipating his remarks about "Bitcoin" referring to BTC, Brandt shifted the focus by expressing enthusiasm for Bitcoin Cash.

BCH is known as a fork that has often been overlooked, previously regarded as a faster and more affordable alternative to the original Bitcoin.

BCH Price Chart
Source: Peter Brandt

In a chart shared with his 700,000 followers, Brandt illustrated a long-term breakout setup featuring a horizontal resistance line positioned at $719.43. This milestone has been years in the making, with numerous setbacks and unsuccessful attempts to rebound along the way.

Currently, BCH is trading at $655.58, placing it just 10% below its recent high for 2024. Brandt commented, "This could be the definition of exciting," indicating that he is closely watching the price movements and may be preparing to act soon. This aligns with his strategy of recognizing classic chart patterns before they experience a breakout.

The chart in question indicates a phase of accumulation following the sharp downturn in 2022. With increasing trading volume and a steady rise in the Average Directional Index (ADX), there is a suggestion of a strengthening trend. Should Bitcoin Cash break above $720, it would be the first time since May 2021 that BCH establishes a new high on the monthly chart.

Who would have thought in 2026 that the "other Bitcoin" could still unveil new potential? It's advisable to monitor the monthly closing price closely; if it surpasses the resistance level, BCH may no longer be regarded as a forgotten fork.