Veteran trader Peter Brandt studied the state of BTC after its strong rally above $40,000 to see if Bitcoin (BTC) has truly bottomed out.
Posting on his Twitter account, Brandt was asked to find out what’s next for the leading crypto asset. Bitcoin (BTC) stated that it prioritizes trader sentiment.
“Like the period when the community, which had a laser eye on profile photos before, awaited the April peak, and the November peak, when rumors of the $100,000 level were spreading, and the January period waiting for the $20,000 bottom level…”
Last year, the crypto community created a trend where they used “laser eye” in their social media profile photos to celebrate Bitcoin’s rise to $100,000. According to Brandt, the movement bitcoinIt marked the pinnacle of.
Brandt also noted that some of the laser eye users are now predicting a move below $30,000. According to the seasoned trader, the extreme change in sentiment may indicate that BTC is close to bottoming out.
While Brandt evaluated the change in sentiment as a potential bottom signal, he also stated that BTC has not yet formed a technical bottom that could pave the way for a trend reversal.
“November 2015 did not put a traditional infrastructure buy signal like it did in April 2019, October 2020 or even July 2021, so time will tell if we have a recognizable chart setup in classic chart terms.
A complete and recognizable pattern will greatly increase the likelihood of bottoming out. If this channel on Nov 10 is completed we are more likely to have bottomed but it is a channel diagonal formation, not ideal as BTC has a history and clear horizontal bottom patterns and no clear bottom have yet formed.”
Brandt refers to the descending channel in his chart that has kept Bitcoin in a downtrend since November. trader, BTC While leaving the channel, he underlined that it may not be enough to search the bottom for Bitcoin.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.