Legendary trader Peter Brandt hinted in his latest tweet that it is time to buy Bitcoin (BTC). Brandt noted that market sentiment is too bearish, so he believes the cryptocurrency will likely rise. Buying assets when the market is in fear is one of the most popular principles of counterinvestment.
It also added a price chart on the weekly chart that shows Bitcoin forming a descending channel. While such patterns are considered bearish in the short term, the leading cryptocurrency will likely see further bullishness if the bulls break into the upper trendline. Brandt also reiterated in his tweet that laser eyes are a clear sign of the top of the market.
https://twitter.com/PeterLBrandt/status/1487845821299105795
Brandt used the following statements:
“When bulls share laser eye: it’s time to SELL. When the bulls bear: time to BUY.”
The leading cryptocurrency hit $69,000 in November and has since lost more than 45%. After several unsuccessful attempts above the $38,000 support level, Bitcoin once again dropped to the $37,000 mark.
In a recent tweet, popular cryptocurrency trader Scott Melker said that he will not be bullish on Bitcoin until there is a weekly close above the $39,600 level.
$BTC Weekly
Pretty hammer candle (or high wave spinning top, choose).
Strong volume, long wick into demand.
Not really bullish until >$39,600.
Have not had consecutive green wks in months, need confirmation. 2 weeks ago was a "bullish candle" as well, didn't work out. pic.twitter.com/HlI8XI6RO2
— The Wolf Of All Streets (@scottmelker) January 31, 2022
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