Veteran Trader Peter Brandt Believes It Might Be Time to Buy Bitcoin

After a turbulent start to the year, in which Bitcoin closed out its third consecutive month of losses, the worries of investors seem to be cooling off, as the world’s largest crypto consolidated in the $35k to $38k range.

Veteran trader and renowned market analyst Peter Brandt now believes that Bitcoin’s sentiment has become “too bearish,” opining that Bitcoin could go now on a price rally, against all odds.

It Might Be Time to Buy Bitcoin

According to Brandt, fear has been a major contributor preventing Bitcoin from receiving further investment. However, the veteran trader believes that these conditions could be the springboard on which the price of Bitcoin can soar to higher levels.

Brandt tweeted;

Although Brandt shared a weekly chart highlighting the formation of a bearish channel for Bitcoin, the analyst has encouraged traders to go against the crowd.

Brandt explained that when bulls wore laser eyes, it signified an ideal time to sell bitcoin. But now, many of those bulls have become bears, and Brandt has suggested that it might be the sign of a good time to buy Bitcoin.

On the Flipside

Why You Should Care

As the debate continues, Bitcoin could certainly use an all important boost to avert what could be its longest streak of losses since early 2019.

EMAIL NEWSLETTER

Join to get the flipside of crypto

newsletter-icon

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

    You can always unsubscribe with just 1 click.

    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

    Author

    Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).