In an article published in X, Peter Brandt wrote, Bitcoin Discuss the possibility of price retracement after 223% increase took. As a rule in the financial market, bullish waves are often followed by cooling periods.
Update on Bitcoin $BTC
On a daily closing price basis, since Sep 11 Bitcoin has advanced 233%. The worst closing price decline was -15.7% from Jan 8 to Jan 22. I believe a dip below 55,000 would be a buying opportunity, although such a dip is not my prediction. pic.twitter.com/hfqiX1M3gyNEWS CONTINUES BELOW— Peter Brandt (@PeterLBrandt) March 2, 2024
Historically, Bitcoin price After reaching an All-Time High of $68,789 in November 2021, it dropped by up to 422% to $16,291 in November 2022. According to Brandt’s analysis, the BTC price has experienced a significant decline this year, which has been dubbed the “hump collapse” and “hump dump” movement.
Bitcoin is currently trading at $64,148, up 4.12% on a 24-hour basis. The fact that the price is trading above the 50-day and 200-day Moving Averages emphasizes the strength of the uptrend.
According to Peter Brandt, a possible pullback in Bitcoin price can be considered as a buying opportunity. Despite the volatility, it is thought that the market may experience a correction of 15 – 20%. In this case, a retest of the $55,000 level could be considered a buying opportunity.
As we reported as Koinfinans.com, Brandt had previously predicted that Bitcoin could reach a peak of $200,000 in this bull cycle.
Source : The Crypto Basic