Veteran trader Peter Brandt expects a big rise in the S&P 500, with US stock index futures jumping as President Trump confirmed the signing date of the US-Iran peace deal. Bitcoin’s price also rose more than 3% as oil prices collapsed. Will BTC follow the US stock market to rise further?
Peter Brandt shares S&P 500 index and Bitcoin price chart
US stock futures are trading higher in the pre-market today as US President Donald Trump celebrated his 80th birthday by announcing preliminary results. US-Iranian peace agreement The UFC cage fight took place at the White House.
Legendary trader Peter Brandt subscriber Weekly chart of the S&P 500 stock market index on June 15. He highlighted that the stock market index completed a 6-month expanding triangle (speaker) pattern in late April.
He predicted a massive rise for the S&P 500 to $7,904 in the coming weeks. Currently, futures price action is approaching $7,550 amid multiple headwinds such as a decline in the 10-year US Treasury yield and the US Dollar Index (Dixie).
Peter Brandt also shared a Bitcoin price chart on a weekly time frame. He claimed that there are only a few other markets that “adhere as strictly to the understanding and use of classical charting principles as Bitcoin.”
While falling US Treasury yields and the dollar are bullish for risk assets, the price of Bitcoin is not indicating a reversal yet. He confirmed that the price of Bitcoin is moving in descending channels and does not carry flags. “Flags are not supposed to last more than 6 to 8 weeks,” he claimed.
However, Bitcoin prices rebounded in anticipation of the US-Iran peace deal and the opening of the Strait of Hormuz. BTC needs to hold the $65K support in order to recover.
BTC bounces ahead of FOMC meeting
As CoinGape previously predicted, The price of Bitcoin has hit bottom Based on the strength of the technical chart and on-chain data. Analysts and experts like CryptoQuant have claimed a potential drop to the realized price of $53,600.
The price of Bitcoin has jumped more than 3% in the past 24 hours, and is currently trading at $65,790. The 24-hour low and high are $63,634 and $65,927 respectively. Moreover, trading volume has increased by 45% in the past 24 hours.
Investors are waiting now Federal Open Market Committee meetingthe first under the leadership of Kevin Warsh as Chairman of the Federal Reserve. While a pause is expected, markets will be watching Kevin Warsh’s press conference closely for signals about the Fed’s monetary policy plans.
Meanwhile, CoinGlass data showed massive buying in the derivatives market. At the time of writing, total open interest in Bitcoin futures jumped 4% to $48.93 billion over the past 24 hours. BTC futures on CME and Binance rose more than 2% and 4%, respectively. This indicates bullish sentiment among derivatives traders.
