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.
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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.
