The last 24 hours have been quite turbulent in the cryptocurrency space, but this time the bulls managed to take a break and retrace some of the previous losses. Bitcoin price has dropped as low as $33,000 in the past weeks. At the time of writing, it seems to have recovered around $37,000. Meanwhile, renowned analyst and trader Peter Brandt commented on the drop in Bitcoin price. cryptocoin.com We convey the details as…
Comment on Bitcoin price from Brandt
Total market cap has increased by nearly $120 billion since yesterday’s bottom as many cryptocurrencies managed to bounce back. For the last 24 hours, Bitcoin has been on the rise. Recently, the cryptocurrency entered a downward vicious circle and finally reached a price of just under $33,000. The entire market followed suit. However, the bulls stepped in and defended the level with multiple consecutive hourly candles, which eventually caused the price to hit $37,600.
At the time of writing, Bitcoin has risen by as much as 5 percent since yesterday’s lows. Meanwhile, famous analyst Peter Brandt made a post on the BTC price on his Twitter account. Asked what was the factor that would allow the price to reach $200,000, he replied that the market should move upwards in a parabolic fashion. However, Peter Brandt drew attention to a development that indicates that the decline in BTC price may continue. Brandt, who previously made accurate predictions on the price of Bitcoin, pointed to a decrease in the price when there was high volume. According to the analyst, this may bring the BTC price to $27,000.
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