According to trading legend Peter Brandt, Bitcoin may not have bottomed out yet
Legendary trader Peter Brandt has spoken about the current price movement of Bitcoin, suggesting that the largest cryptocurrency has not yet bottomed the correction due to its small volume.
The implication of the crowd
Main floor in $ BTC happened with panic surrender
Did that (still ???) happen
Consider ??? pic.twitter.com/dYmDNADxuP
– Peter Brandt (@PeterLBrandt) December 20, 2021
The slow decline suggests there will be more pain before the bulls regain control of the market.
Brandt notes that with panic speculation, which is characterized by a strong sales volume, important troughs have occurred.
Online analyst Willy Woo says there are no signs of a sell-off, suggesting strong owner sentiment. He currently sees the market in a phase of consolidation.
In response to one of his followers, Brandt agreed that large sell-offs don’t necessarily happen in the middle of a bull market cycle, but he expects volume to rise as prices rise.
Earlier this month, the veteran chartist urged traders to watch out for the bearish double-top formation, but also made it clear that the pattern has yet to be confirmed.
Another month in red
Bitcoin started the last month of the year with a massive sell-off. The largest cryptocurrency fell as low as $ 42,000 and then started an area-bound trading sequence where the bulls failed to get back to the $ 50,000 level.
The top coin is currently trading at $ 46,500 on major spot exchanges.
As reported by U.Today, Mike Novogratz, CEO of Galaxy Digital, said the downward trend will continue well into 2022 due to the weakening US stock market. In the long term, however, he remains optimistic about the crypto king.