As an experienced analyst, I have closely followed the commodity and cryptocurrency markets for several years. Peter Brandt’s recent buy signal for Bitcoin based on the “foot shot” pattern is intriguing, especially considering the significant correction we saw in late July 2024. The 27% drop was the largest during this ongoing bullish cycle, surpassing even the correction seen in the third quarter of 2023.
Peter Brandt, an accomplished commodity trader, has identified a sign suggesting it could be a good time for purchasing Bitcoins in the near term.
In a recent post on his social media platform X, Brandt referred to a specific pattern he identified in Bitcoin as a “weekly footprint for buying” or “buy signal every Friday.” This paraphrased version retains the original meaning while using clearer and more natural language for a broader audience.
The pattern in Bitcoin is something I call a foot shot (Friday). This is a buy signal short term.
— Peter Brandt (@PeterLBrandt) July 6, 2024
As a crypto investor, I’ve observed that this recent market downturn marks the most significant correction we’ve experienced thus far within the ongoing bull run that commenced at the end of 2022.
As a cryptocurrency analyst, I’ve observed a substantial decline in the value of Bitcoin on Friday, reaching a low of $53,917. This dip can be attributed to two major factors: massive Mt. Gox repayments and significant government liquidations. The magnitude of this correction amounted to a 27% decrease from its previous value. In contrast, during the third quarter of 2023, Bitcoin experienced a correction of 21.9%, as it retreated from a local peak of $31,862 down to $24,900.
According to U.Today’s report, Blockstream co-founder Adam Back downplayed the significance of the latest Bitcoin price decline, drawing attention to past bull markets that experienced notable price drops.
Previously, Brandt predicted that the cost of Bitcoin could reach an astounding $150,000 during this market cycle according to his assessment. This forecast has been echoed by Tom Lee from Fundstrat. Nonetheless, Brandt believes that hitting such a lofty goal would be more likely in the year 2025 rather than in the current year.
According to Brandt’s analysis of historical bull markets, there’s a strong possibility that the market will hit its peak around August 2025.
Based on information from CoinGecko, the largest cryptocurrency is presently valued at $57,478 following a recovery by bulls.
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2024-07-07 13:11