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    Home » An Elite Trader Reveals Potential Buy Signals for Bitcoin
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    An Elite Trader Reveals Potential Buy Signals for Bitcoin

    By adminJul. 7, 2024No Comments1 Min Read
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    An Elite Trader Reveals Potential Buy Signals for Bitcoin
    An Elite Trader Reveals Potential Buy Signals for Bitcoin
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    Renowned commodities trader Peter Brandt recently identified a short-term buying signal for Bitcoin (BTC).

    Brandt described the Bitcoin pattern as a “foot-shooting” setup, which he believes signals a short-term buying opportunity. He also emphasized that the current correction is the most significant one since the bull market cycle began in January 2022.

    On Friday, Bitcoin experienced a sharp decline in price to below $54,000 due to extensive liquidations by both institutional and governmental entities, notably in Germany. This 27% correction is notably larger than the 24,900% adjustment from $20,323 to $31,862 in the third quarter of 2021.

    Read more:


    Has the panic selling by Bitcoin investors come to an end?

    However, Adam Back, co-founder of Blockstream, recently downplayed the severity of Bitcoin’s price drop, citing significant corrections during previous bull market cycles.

    “The pattern for Bitcoin I call ‘foot shooting’ (on Friday). This is a short-term buy signal.”
    pic.twitter.com/D5jz7FrQFS
    – Peter Brandt (@PeterLBrandt)
    July 6, 2024

    Nevertheless, Brandt believes that achieving the ambitious target of $150,000 is more likely in 2025 rather than this year. According to historical bull cycle trends, experts predict the market peak to occur in November 2025.

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