Bitcoin's price has finally broken through its eight-year consolidation against the M1 money supply, a development that has left many wondering if we are witnessing a significant shift in the cryptocurrency's trajectory. Veteran trader Peter Brandt recently shared a chart highlighting this breakthrough, which has sparked excitement among analysts.

The chart plots Bitcoin's price against the total U.S. money stock (M1), a ratio that has remained below its December 2017 high. Brandt noted the striking similarities between this chart and the Dow Jones industrial average during the 1970s Great Stagflation, featuring an inverted H&S pattern. This historical context has led him to predict a massive Bitcoin price rally in the coming weeks.

A New Era of Growth?

The breakout has been described by analysts as unprecedented, with some claiming they have never seen a Bitcoin breakout like this one. TechDev, another analyst, believes a historic move is imminent as people switch from the U.S. dollar to Bitcoin. The 5D bullish compression in Bitcoin has also reached its highest level in eight years, further supporting the notion of a significant price increase.

BTC Price Forms Bullish Patterns

CoinGape reported an early cup-and-handle formation in Bitcoin's price, with the cup part already complete and the handle yet to form. Peter Brandt hints at an upcoming breakout in BTC price, with confirmation expected after a downtrend breakout. The price of Bitcoin has jumped less than 1% in the past 24 hours, currently trading below $67,700.

Experts Dismiss Mt. Gox Impac

Experts have dismissed the potential impact of the Mt. Gox Bitcoin distribution on BTC price, as creditors do not plan to sell their Bitcoin in the bull market. Those who do plan to sell intend to do so gradually or after investing their payout to maximize gains. The trading volume has decreased by 50% in the last 24 hours, indicating a decline in interest among traders.