Legendary trader Peter Brandt shared his view on the current price action of Bitcoin (BTC), suggesting that the largest cryptocurrency has yet to reach the bottom of the correction due to the infinitely small trading volume. cryptocoin.com We convey the views of the analyst as…
Peter Brandt: Bitcoin has not reached the bottom!
Peter Brandt, who has accurate predictions about Bitcoin, shared his comments on the leading cryptocurrency that fell after hitting an all-time high of $ 69,000 last month. According to Brandt, “slow bleeding indicates that the bulls may suffer more before they regain control of the market.” Brandt notes that the key bottom points are the panic selling, which is characterized by strong sales volume.
On-chain analyst Willy Woo says there are no signs of selling, pointing to a strong sense of ownership. He claims that the market is currently in the consolidation phase. In response to one of his followers, Brandt acknowledged that big sell-offs don’t necessarily have to happen in the middle of a bull market cycle, but he expects to see expanded volume in bullish situations. Earlier this month, the experienced charter urged traders to pay attention to the bearish double top formation, but also noted that the pattern has yet to be confirmed.
Bitcoin started the last month of the year with a big sale. The largest cryptocurrency dropped as low as $42,000 and then settled in a range with the bulls failing to regain the $50,000 level. The largest cryptocurrency is currently trading at $46,419 on the major spot market.
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