In a recent tweet, veteran trader Peter Brandt suggested that it might be time to buy Bitcoin. Brandt feels that market sentiment has shifted too far to the gloomy side, and that the cryptocurrency will likely rise.
One of the most prominent contrarian investing strategies is buying assets when the market is scared.
On the weekly chart, he also attached a price chart that shows Bitcoin forming a descending channel. Even while such patterns are typically bearish in the short term, if bulls penetrate the higher trend line, the flagship cryptocurrency will likely experience more gains.
Brandt underlined in a tweet that Bitcoin users adding laser eyes to their photos was a telltale sign of the market’s top.
The flagship cryptocurrency reached a high of $69,000 in November before plummeting by more than 50% since then.
Bitcoin has dropped below $37,000 after many failed attempts to gain traction above the $38,000 support level.
In a recent tweet, well-known cryptocurrency trader Scott Melker stated that he will not turn bullish on Bitcoin until it closes above $39,600 on a weekly basis. On the weekly chart, he highlighted that the flagship cryptocurrency hasn’t had two bullish candles in a row in months.
Bitcoin is also on course to lose money for the third month in a row, something that hasn’t happened since June 2021. It would be the cryptocurrency’s longest losing streak since early 2019 if the top coin ended February in the red.
Related Posts – Ex-SEC Chair, Jay Clayton Believes Cryptocurrency Industry Is For Long Haul
A Digital European Project In Works With Italian Payments Provider Nexi
