Bitcoin Might Be On The Verge of Breaking a Nearly Year-Long Downward Trend, according to Veteran Trader Peter Brandt.

Bitcoin Might Be On The Verge of Breaking a Nearly Year-Long Downward Trend

The dramatic spike in Bitcoin trade volumes as BTC price below $30,000, Brandt warns his 641,400 Twitter followers, might signal the “beginning of the end” of the bearish cycle.

“This is the type of volume spike that can indicate puke-out capitulation and the beginning of the end of the one-year decline. Can the carnage continue? Anything is possible – and that includes a local bottom. I’ve mentioned the $27,000 area as a possible low, and that could be.”

In response to the LUNA price drop, the veteran trader claims that the “distrust” created by Terra’s crash might harm Bitcoin.

“This decline is just plain Lunatic $LUNA. I have spoken open about my distrust of alt-coins and that crypto is Bitcoin and Bitcoin is crypto. The problem is that distrust in that which is distrustful can spill over into that which is trustworthy (Bitcoin),” he said in another tweet.

At the time of writing, Terra was trading at $0.000041, down 99.99% from its all-time high of $119 set in early April. According to CoinCu data, BTC is now trading around $30,000.

Non-fungible tokens (NFTs), according to Brandt, are similar to other overhyped and expensive tangible assets in the past. “I personally equate much of the NFT market with Beanie Babies and Pet Rocks.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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