Peter Brandt Says It Might Be Time To Buy Bitcoin
Veteran Trader Peter Brandt Believes Bitcoin Traders Should Go Against the Crowd
Veteran trader Peter Brandt has suggested in his recent tweet that it may be time to buy Bitcoin.
Brandt believes that market sentiment has become too bearish, which is why he believes that the cryptocurrency is likely to move higher.
Buying assets when the market is anxious is one of the most popular principles of contrarian investing.
He also added a price chart showing Bitcoin forming a bearish channel on the weekly chart. While such patterns are considered bearish in the near term, the flagship cryptocurrency is likely to see more upside potential if bulls break into the upper trendline.
In his tweet, Brandt reiterated that Bitcoin editing their photos to add laser eyes was a telltale sign of the top of the market.
A bearish streak
The flagship cryptocurrency peaked at $69,000 in November and has since fallen by more than 50%.
After several failed attempts to gain a foothold above the $38,000 support level, Bitcoin has plunged below $37,000 again.
In a recent tweet, popular cryptocurrency trader Scott Melker claims he will not turn bullish on Bitcoin until there is a weekly close above the USD 39,600 level. He has noted that the flagship cryptocurrency has not had two bullish candles in a row on the weekly chart in months.
Beautiful hammer candle (or high wave spinning top, take your pick).
Strong volume, long fuse in demand.
Not really bullish until >$39,600.
No consecutive green weeks in months, confirmation needed. 2 weeks ago a “bullish candle” also failed. pic.twitter.com/HlI8XI6RO2
— The wolf of all the streets (@scottmelker) January 31, 2022
Bitcoin is also on track to record its third consecutive month of losses, which has not happened since June 2021. If the top coin ended in the read in February, it would mark the cryptocurrency’s longest losing streak since early 2019.