Bitcoin started the new week above $40,000 after nearly 2 weeks of decline. So, will BTC continue to rise from now on? Or is a new pullback awaiting traders? Veteran trader Peter Brandt has unveiled a new forecast for Bitcoin price. As Kriptokoin.com, we convey the details…
Peter Brandt conveyed his new comments for Bitcoin
In the past weeks, Bitcoin has lost the $ 40,000 level by falling. The cryptocurrency moved in the $35,000-38,000 range. However, Bitcoin bulls, who took the ropes this weekend, managed to push the leading cryptocurrency above $ 40,000 with its market value. However, investors are curious about BTC’s next move. At this point, the famous trader Peter Brandt came to the fore with his statements.
Brandt told his 600,000+ followers on Twitter that he is looking at trader sentiment for BTC price. Pointing out that the “laser-eyed” BTC investors set the peak in April of 2021, and the end-of-year expectation of $100,000 determined the peak of $69,000 in November of 2021, Brandt said that bulls throwing the towel and the $20,000 forecast set the January low. Traders with “laser eyes”, which Brandt pointed out, came to the fore with the addition of lasers to their profile photos as a trend last year. According to Brandt, this caused record levels to be seen in BTC.
Is the change in sentiment a potential bottom signal?
Brandt says that laser eyes are now making comments that it can go under $30,000. According to the experienced trader, the change in the overall market sentiment could point to a negative direction for the BTC price. He says negative predictions from Bitcoin investors could indicate that BTC is close to bottoming out. However, it indicates that there is no new technical bottom in BTC where the trend will change.
Indicating that a classic buy signal is not seen in BTC as in 2015, 2019, 2020 and July 2021, Brandt uses the following expressions:
No traditional buy signals were seen as in November 2015, April 2019, October 2020 or even July 2021, so time will tell if we’ve created a recognizable chart in classic chart terms. A completed recognizable pattern greatly increases the likelihood of bottoming out. If the channel is completed as viewed from Nov 10, the probability of a bottom increases, but a channel is a crossover pattern. It is not ideal as BTC has a history of clear horizontal bottom patterns and has yet to form a clear bottom.
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