Legendary Trader Peter Brandt Makes Important Bitcoin Correction Statement

As a seasoned researcher with over four decades of commodities trading under my belt, I can’t help but feel a sense of deja vu when observing Bitcoin’s current correction. Having witnessed the rise and fall of countless markets since the 70s, it seems history may be repeating itself in the world of digital gold.

Veteran commodities trader, Peter Brandt, active since the 1970s, shared a pessimistic outlook about Bitcoin’s current state with his followers.

Over the past day, there was a significant drop of almost 6% in the value of the world’s largest digital currency.

Peter Brandt’s Bitcoin correction comment

When Bitcoin dropped from around $56,500 to $53,200, Peter Brandt shared on his social media account (originally known as Twitter) that the last time Bitcoin closed at such a low price was on February 25 of this year.

In a Bitcoin graph posted by the trader, you’ll notice a continuous decrease in the value of Bitcoin (referred to as “digital gold”) since mid-March. This downward trend comes after Bitcoin hit its peak at an unprecedented price of $73,750.

After reaching its all-time high, Bitcoin has since dropped by approximately 26.39%. While there have been brief periods of recovery, if we step back and look at the chart, it’s clear that Bitcoin has been trending downwards for over six months. This isn’t a sudden but rather a prolonged adjustment in Bitcoin’s value.

According to Brandt, there are two aspects of downturns – price and length. Right now, it’s the length or duration that seems to be having a stronger impact. As Peter Brandt suggests in his tweet, extended periods of correction can inflict more emotional harm than sudden, steep corrections.

“Selling is stronger than buying here”: Peter Brandt

Previously, Brandt shared a graph depicting the trend of Bitcoin. Notably, this trend appears to be taking shape as what traders refer to as “an inverted expanding triangle” or “a megaphone”.

According to Brandt’s analysis, the lower limit for Bitcoin could potentially be around $46,000. To rekindle the bull market, a strong push towards new all-time highs might be necessary, he suggested.

Otherwise, the chartist stated, “Selling is stronger than buying in this pattern.”

Samson Mow defies further BTC decline prospect

Samson Mow seems to be on the opposite opinion here. He stated that “everyone that thinks #Bitcoin will go lower is wrong.”

As a researcher, I eagerly anticipate the imminent arrival of what’s being referred to as an “Omega candle.” This event is significant, as it signals the concluding stage of the accumulation phase for Bitcoin (BTC).

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2024-09-07 10:59