Senior trader Peter Brandt believes that Bitcoin investors should act against the crowd. Peter Brandt suggested in his latest tweet that it is time to buy Bitcoin. As Kriptokoin.com, we have compiled the details for you, let’s examine the subject together…
Peter Brandt: It’s time to buy Bitcoin!
Brandt stated in his latest analysis that market sentiment is too bearish. That’s why the analyst believes that the leading cryptocurrency will likely go higher. Buying assets when the market is in fear is one of the most popular principles of counterinvestment. In addition, the analyst shared a price chart showing that Bitcoin formed a descending channel on the weekly chart.
Although such patterns are thought to indicate a bearish trend in the short-term, if the bulls enter the upper trendline, the leading cryptocurrency will likely see further bullishness. In his tweet, Brandt reiterated that Bitcoin’s editing of his images to add a laser eye is an explanatory sign that the market’s top is coming. The leading cryptocurrency hit $69,000 in November and has since lost more than 50%.
BTC price dropped below $37,000 once again
After several unsuccessful attempts above the $38,000 support level, Bitcoin once again plunged below $37,000. In a recent tweet, popular cryptocurrency analyst Scott Melker claims that Bitcoin will not be bullish until there is a weekly close above the $39,600 level. He also emphasized that the leading cryptocurrency has not had two consecutive bullish candles on its weekly chart for months. Bitcoin is also on track to record the third consecutive month of losses that have not occurred since June 2021.
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