After a turbulent start to the year, driving Bitcoin to complete its third consecutive month of losses, the worries of investors seem to be cooling off, as the world’s largest crypto consolidates between the $35k and $38k range.
Veteran trader and renowned market analyst Peter Brandt now believes that Bitcoin’s sentiment has become too bearish, opening that Bitcoin could go on a price rally against all odds.
It Might Be Time to Buy Bitcoin
According to Brandt, fear is a major contrariant that has prevented Bitcoin from receiving investments. However, the veteran trader believes that these conditions could cause the price of Bitcoin to soar higher.
Brandt tweeted;
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 violatedWhen bulls wear laser eyes -- time to SELLWhen bulls become bears -- time to BUY???? pic.twitter.com/ytchaFLDfN— Peter Brandt (@PeterLBrandt) January 30, 2022
Although sharing a weekly chart showing Bitcoin forming a bearish channel, the analyst has encouraged traders to go against the crowd.
Brandt explained that when bulls wore laser eyes, it signified time to sell bitcoin. Now, the many bulls have become bears, Peter Brandt has suggested that it might be time to buy Bitcoin.
On the Flipside
- Contradicting Brandt, popular cryptocurrency trader Scott Melker explains that Bitcoin won’t turn bullish until it closes a week above the $39,000 level.
Why You Should Care
As the debate continues, Bitcoin could use an important boost to avert what could be its longest losing streak since early 2019.
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