Bitcoin

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.

https://twitter.com/PeterLBrandt/status/1472754427823939593?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
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.

Image from tradingview.com

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.

Coincu

Recent Posts

Italy Considers Reducing Proposed Italy Crypto Tax to 28%

Italy considers lowering its proposed Italy crypto tax increase to 28% from an initial 42%,…

3 hours ago

Bitcoin Spot ETF Inflows Reach $818M Amid 5-Day Positive Streak

Bitcoin Spot ETF Inflows Hit $818M as Net Inflow Streak Extends to 5 Days, with…

3 hours ago

Elon Musk Invests $200M in Trump, Treats Government Like X (Twitter)

Elon Musk applies his X (Twitter) management style to politics. His political strategies, including voter…

5 hours ago

PayPal Stablecoin PYUSD Now Available for Cross-Chain Trading via LayerZero

PayPal stablecoin PYUSD can now transfer seamlessly between Ethereum and Solana via LayerZero.

6 hours ago

New Department of Government Efficiency Will Be Led by Musk

President-elect Trump plans to establish the Department of Government Efficiency, led by Elon Musk and…

6 hours ago

Best Crypto to Join in November 2024 – Why Now’s the Time to Invest

Imagine you’re navigating the unpredictable seas of cryptocurrency, where market waves can knock the unprepared…

7 hours ago

This website uses cookies.