in the crypto community Bitcoin (BTC) A seasoned trader known for accurately predicting its massive meltdown in 2018 says BTC is actually in a “historic bull market,” despite the crypto asset trading in a wide range for months.
In a new interview with StockCharts, Brandt said that after the March 2020 crash triggered by the Covid-19 pandemic and crypto holdings have surged nearly 17x since then, Bitcoin is taking some respite.
“You know Bitcoin is in a huge trading range. An incredible market in a very historic bull market. I’ve been trading for 47 years, I’ve never seen a bull market like Bitcoin’s.
But you know we deserve to be on a trading range here because after all we saw the market jump 17 times from the low of March 2020 to the high of April 2021. And now we’re taking a break.
According to the seasoned trader, Bitcoin will “at some point” exit this trading range and rally strongly.
“I believe that at some point, we will exit this trading range and see another big rally in Bitcoin. But for now, we’re definitely stuck in the mud.”
On the downside, the veteran trader said that BTC could drop below $28,000, triggering an eventual capitulation.
“We can go back to the lows and explore the lower end of this trading range at $28,000, maybe even take a look below that level and face some panic selling.”
However, in the long run, Bitcoin appears to be bullish, according to Brandt.
“We’ve been here for a year, we’ve been in a major trading range for a year. Bitcoin has not risen for over a year. But I believe the long-term trend is positive. Trend is your friend.”
According to CoinGecko data, Bitcoin, which has increased by 2.4 percent in the last 24 hours, is trading at $ 44,035 at the time of writing.
You can check the price movements here.
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.