Experienced trader Peter Brandt recently raised an intriguing query that could influence Bitcoin‘s future trend. In a tweet, he hinted at the possibility of a significant market correction in Bitcoin, suggesting that a substantial sell-off or prolonged phase of price consolidation might take place before a major surge.
In my thoughts, I’m pondering if Bitcoin may experience another price drop or a prolonged period of volatility, followed by an increase. It’s important to recall that markets often decline when individual investors become tired.” – Brandt
In my thoughts, I’m pondering if Bitcoin might experience another significant drop or a prolonged period of volatility, before it starts to rise again. Keep in mind, markets often decline when individual investors become exhausted with the asset $BTC.
— Peter Brandt (@PeterLBrandt) January 11, 2025
A seasoned trader’s expression “congestive chop” could be understood as referring to a period where the market is stuck in a limited price range, causing both buyers and sellers to feel stymied.
Could Bitcoin see another price drop, or will it stabilize for an extended period before a significant increase? As per Brandt’s analysis, the answer depends on the actions of individual investors.
As per Brandt’s perspective, markets don’t become unfavorable until retail investors grow tired or lose their patience. In the forthcoming days, attention will shift towards the direction of Bitcoin’s movement and the actions of its retail traders. If Brandt’s hypothesis is correct, this could mean that a substantial Bitcoin rally may be imminent – however, there might be more hardships to endure first.
Bitcoin price action
Over the course of the last week, cryptocurrency markets experienced a significant drop. By Tuesday, Bitcoin had reached a high of approximately $102,735, but by Thursday it dipped to around $91,187 at one point. The biggest altcoins saw even more substantial percentage decreases in value.
Bitcoin surged back to nearly $95,862 on Friday, and it’s currently holding steady around that level. At the moment I’m writing this, Bitcoin had increased by 0.26% over the past day, reaching $94,639. Over the past few days, Bitcoin’s price has fluctuated within a tight band of roughly $93,670 to $94,983.
As Bitcoin’s price continues to be a topic of anticipation, Bitcoin analyst Willy Woo advises those involved in the crypto market to practice vigilance during the upcoming months, as there may be more instances of profit-taking in the short term.
In his latest post, Woo stated that risk is reaching its highest point in this cycle, implying significant earnings can be made from coins currently being sold. He further added that there’s still more profit-taking to come before the market stabilizes. Despite the overly optimistic Bitcoin sentiment, he advises adopting a more careful strategy in the upcoming months.
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2025-01-12 18:10