- Peter Brandt's Bitcoin correction comment
- Peter Brandt: Selling is stronger than buying
- Samson Mow defies further BTC decline prospect
Veteran trader Peter Brandt has commented on the current state of Bitcoin, noting a significant drop in the cryptocurrency's price.
Peter Brandt's Bitcoin correction comment
Peter Brandt, a seasoned trader, shared his views on the current Bitcoin situation following a nearly 6% drop in the world's largest cryptocurrency over the past 24 hours. Bitcoin fell from $56,500 to $53,200. Brandt pointed out that the last time Bitcoin closed at such a low level was on February 25 of this year. According to the chart shared by Brandt, digital gold has been steadily declining since mid-March after hitting a peak of $73,750.
Peter Brandt: Selling is stronger than buying
Earlier, Brandt published a Bitcoin chart showing an important pattern forming, called 'an inverted expanding triangle' or 'a megaphone'. He noted that the test of the lower boundary for Bitcoin would be approximately $46,000. According to Brandt, the only thing that could get the bull market back on track is 'a massive thrust into new ATHs'. Otherwise, as the chartist stated, 'selling is stronger than buying in this pattern'.
Samson Mow defies further BTC decline prospect
Samson Mow, however, holds an opposite view. He stated that 'everyone that thinks Bitcoin will go lower is wrong.' Mow expects the arrival of an 'Omega candle', which he said 'signifies the end of the accumulation phase' for Bitcoin.
The situation with Bitcoin remains uncertain. While Peter Brandt believes that the market is undergoing a prolonged correction, Samson Mow is expecting a swift recovery. Traders and investors will continue to monitor developments closely.
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