Peter Brandt, Veteran Trader, Issues Significant Statement on Bitcoin Correction
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Veteran commodities trader and market analyst since the 1970s, Peter Brandt, recently shared a rather bleak outlook on Bitcoin’s current market situation with his followers.
This commentary followed a near 6% drop in value of the foremost cryptocurrency over the last day.
Peter Brandt Discusses Bitcoin’s Price Adjustment
Bitcoin’s value dipped from around $56,500 to $53,200, prompting Peter Brandt to express on the X social media platform his dissatisfaction with the fact that the last time Bitcoin settled at such a low point was on February 25 of this year.
A Bitcoin chart shared by Brandt illustrates the extent of the recent BTC downturn, indicating that the cryptocurrency, commonly referred to as digital gold, has exhibited a general decline since hitting an all-time high of $73,750 in mid-March.
From its peak, Bitcoin’s price has now reduced by 26.39%. Despite some minor recoveries, a long-term view reveals a more than half-year trend of decline that has been gradual rather than abrupt.
Brandt emphasizes that “there are two dimensions to drawdowns – price and duration.” He notes that the current period of drawdown is characterized more by its extended duration, remarking, “Prolonged corrections can cause more emotional damage than steep corrections.”
“Sell Pressure Overwhelms Buying”: Peter Brandt
Brandt had previously posted a Bitcoin chart indicating the formation of a distinct pattern known as “an inverted expanding triangle” or “a megaphone.”
He suggests that Bitcoin reaching the lower boundary of this pattern could indicate a potential move to around $46,000. Brandt asserts that a robust bullish surge establishing new all-time highs is required to potentially reverse Bitcoin’s trajectory and rejuvenate the bull market.
Contrarily, according to his analysis, “The pattern reflects stronger selling than buying activity.”
Related
Samson Mow Defies Bitcoin Downward Trend Projections
Conversely, Samson Mow takes a contrarian stance, asserting that “those predicting a further decline in Bitcoin’s value are mistaken.”
Mow anticipates the arrival of an “Omega candle” that he believes signifies “the conclusion of Bitcoin’s accumulation phase.”
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