Trading Legend Peter Brandt Believed That Bitcoin May Not Have Fallen

Trading Legend Peter Brandt Believed That Bitcoin May Not Have Fallen

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Due to the low volume of trading, legendary trader Peter Brandt offered his thoughts on the current price of Bitcoin, implying that the largest Cryptocurrency has yet to reach the bottom of the downturn. The steady hemorrhage means that the bulls will endure more agony before regaining control of the market.

Brandt observes that major bottoms occurred in conjunction with panic capitulation marked by the high volume of the selling.

Willy Woo, an on-chain expert, says there seem to be no long signs of facing sell-off and pointing towards the solid holding sentiment. According to him, the market is presently consolidating.

Brandt does agree with one of his followers that massive sell-offs need not stay open and happen in the middle of a bull market cycle, but he does expect more volume on bullish gains.

A Month of Red

Bitcoin began in this last month of the year under the significant sell-off. A massive Cryptocurrency fell under $42,000 before starting a trading period and showed the bulls’ failure to reclaim the $50,000 mark.

Galaxy Digital CEO Mike Novogratz said that he expects this negative trend to stay in 2022 due to stock market weakness in the United States. However, he remains optimistic about the crypto king in the long run.

According to the reports, intense resistance levels above $70,000 and support of around $50,000 is witnessed, the price area in which Bitcoin has been locked until this past Friday. As per the Material Indicators, multiple bids undertook and asked for orders placed in a way that may be attributed to significant and institutional participants during the last week.

This corresponds to QCP Capital’s theory that institutional players were stifling Bitcoin’s surge when it approached $60,000.

Trading over the $40,000 and selling pressure might intensify retesting the $30,000 support level, triggering another consolidation phase similar to the one that followed the May drop. The crypto market is currently in heightened uncertainty as the dramatic steps need more time to bring things on track. This is in direct opposition to those who expected BTC to perform similarly to 2013 and 2017.

Bitcoin had a big run in December, which foreshadowed a multi-year market. New participants in this fluctuating Bitcoin market may alter the dynamics. As a result, the inner cycles of seasoned operators are affected.

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