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It Might Be Time to Buy Bitcoin, Says Peter Brandt

Veteran trader Peter Brandt believes that Bitcoin traders should go against the crowd.

Veteran trader Peter Brandt has suggested that it could be time to buy Bitcoin in his recent tweet.

Brandt has opined that market sentiment has become too bearish, which is why he believes that the cryptocurrency is likely going higher.

Buying assets when the market is fearful is one of the most popular principles of contrarian investing.

He also attached a price chart that shows Bitcoin forming a descending channel on the weekly chart. Even though such patterns are considered to be bearish in the short-term, the flagship cryptocurrency will likely see more upside if bulls penetrate the upper trend line.

In his tweet, Brandt has reiterated that Bitcoin editing their pictures to add laser eyes was a tell-tale sign of the market’s top.

A bearish streak

The flagship cryptocurrency peaked at $69,000 in November and has since tanked more than 50%.

After several failed attempts to find footing above the $38,000 support level, Bitcoin has once again dipped below $37,000.

In a recent tweet, popular cryptocurrency trader Scott Melker claims that he won’t turn bullish on Bitcoin until there’s a weekly close above the $39,600 level. He has noted that the flagship cryptocurrency hasn’t had two bullish candles in a row on the weekly chart in months.

Bitcoin is also on track to log its third consecutive month of losses, which hasn’t happened since June 2021. If the top coin were to finish February in the read, it would mark the cryptocurrency’s longest losing streak since early 2019.


Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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