Veteran Trader Peter Brandt Dismisses Talks About ‘Magic Line’ That Affects Crypto Market

One of the most popular traders in the cryptocurrency industry, who gained popularity in the space thanks to his experience and excellent ability to accurately analyze the situation. markettalk about those who have recently pinned their hopes and formed their views on the market based on the trend line on the S&P500 index.

The investor “magic line” highlighted on many charts has been circulating around the cryptocurrency and trading community over the last few weeks as a break of that line would indicate a reversal of the entire market, obviously including cryptocurrencies as its correlation with most stocks has already occurred. at very high levels since 2021.

Sorry trendline fanatics

It means absolutely nothing to me as a trade if this trendline is broken $SPY pic.twitter.com/V5LFYKdGHx

— Peter Brandt (@PeterLBrandt) January 26, 2023

However, Brandt does not seem to share the enthusiasm of other traders and believes that a break of the line will do nothing, in contrast to other traders who are impatient to see a solid break and an accelerated rally.

Unfortunately, the leading analyst does not provide additional information as to why he thinks the trend line highlighted by almost every trader and investor in his analysis has no relevance or does not provide any momentum to the market.

Some users assume that a break of the line does not necessarily launch a long-term bullish rally as the technical levels don’t look as impressive on the longer time frames on a monthly, or even weekly, basis.

The recent break of the line did not bring any volatility back into the market, even after the index gained a foothold above it. Bitcoin and altcoins have shown similar momentum, while some assets have even retreated from their local highs, losing some of their earlier gains.