Bitcoin Hits New All-Time High: Peter Brandt Optimistic Following Monumental Surge Beyond $66K

Bitcoin’s price experienced a significant surge, rising above $66,000 with a 6.6 percent increase within 24 hours. This sudden jump was influenced by lower-than-expected inflation data, specifically the Consumer Price Index (CPI). The surge in Bitcoin’s price mirrored the gains in the stock market, particularly the S&P 500, which reached a new all-time high. The increased trading volume in Bitcoin Exchange-Traded Funds (ETFs) indicates a renewed interest from institutional investors. Santiment, a market intelligence platform, reported that the top seven spot Bitcoin ETFs recorded a daily traded volume of $5.65 billion, the highest level since March 24. Furthermore, Hong Kong-based spot BTC ETFs experienced significant cash inflows, indicating growing interest from mainland China investors. From a technical perspective, Bitcoin surpassed key milestones like the daily 50 Moving Average (MA) and the Relative Strength Index (RSI). Analysts predict further price increases based on technical indicators and investor sentiment. Veteran trader Peter Brandt suggests that Bitcoin may be on the verge of a new all-time high, supported by the HSBDP indicator. Overall, the recent surge in Bitcoin’s price has sparked excitement among investors and fueled optimism within the crypto community.