The legendary trader, who says he is a Bitcoin investor, admitted that the bulls are now on the scene. According to the expert, the price of Bitcoin will not be able to see ATH levels in a while, despite the enthusiasm…
Peter Brandt says there are still obstacles on the way despite expectations
Peter Brandt, a well-known investor and market analyst, shared in his latest statements that he owns Bitcoin. The senior analyst says he agrees with investors’ bullish expectations:
I own Bitcoin and I agree with the current bull idea. However, we’re stepping on a ledge to assume that BTC will forever represent the pinnacle of human creativity and achievement, and not surpass the foundations of humanity.
#bitcoin
I own Bitcoin and accept most of the current bullish narrative
However, we go out on a ledge to assume that $BTC will forever represent the pinnacle of human ingenuity and achievement and that humanity will not surpass its essentials pic.twitter.com/dsy3VjKrlB— Peter Brandt (@PeterLBrandt) July 21, 2022
Shortly before the last market crash, the veteran analyst predicted that Bitcoin would not set a new record until the beginning of 2024.
How is Bitcoin performing right now?
The past few months, individuals and institutions have seen a lot of selling pressure on the market from investors. However, the Bitcoin market has remained quite resilient during this time. On the other hand, trading volumes were consistently higher in the weak market of 2022 compared to the peak reached during the bull market in 2017. Bitcoin’s daily trading volume reached a $12 billion cycle on December 17, 2017. According to CoinGecko, it exceeded $20 billion in July.
As you follow on Kriptokoin.com, during the first 3 days of July, Bitcoin deepened to $ 18,800. Over the past two weeks, especially this week, the price has been rising steadily again. However, BTC price faced a key resistance at $24,200. At this point, analysts were waiting for higher resistances between $26,700 and $27,100. in shorter time periods
Bitcoin 1-hour chart analysis
The long-term price chart has shown a decisive bearish trend for Bitcoin since December 2021. This trend was formed over a one-year range from $29,500 to $65,000. In June 2022, the price fell below the low of the range.
On the technical side, the RSI climbed above the neutral 50 line and crossed 60 before retracing. This suggests that the momentum could shift in favor of the bulls on the daily timeframe. This is also linked to market structure breaking. All in all, if the RSI manages to stay above the neutral 50 and BTC can sustain the $22,000-22.3k area, it is possible for the price to rise further, according to analyst Akashnath S.
Technical indicators
Balance Volume (OBV) has been in a steady downward trend since April. The rally of the last two weeks has only brought OBV to the resistance level. This was not encouraging as OBV had to go higher to indicate stable demand and more to the upside. The Directional Movement Index (DMI) is showing a strong bullish trend that continues in response to the rally over the past two weeks. ADX (yellow) and +DI (green) were above the 20 mark.
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