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.
I find it fascinating that many (not all) on social media who wore laser eyes in Mar/Apr and predicted a rocket shot 🚀for $BTC in Nov now are predicting that the $30k level will be violated— Peter Brandt (@PeterLBrandt) January 30, 2022
When bulls wear laser eyes -- time to SELL
When bulls become bears -- time to BUY???? pic.twitter.com/ytchaFLDfN
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
- Contradicting Brandt, popular cryptocurrency trader Scott Melker explains that Bitcoin won’t turn bullish until it closes out a week above the $39,000 level.
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.