Despite recent price fluctuations in Bitcoin, market expert Peter Brandt highlights a key level critical for the cryptocurrency's bulls.
Peter Brandt's Forecasts on Bitcoin
Peter Brandt, a renowned trader, claims that Bitcoin bulls need to reclaim the $117,570 level to avoid potential double top formation. Currently, Bitcoin is trading at $111,794 after dipping to an intraday low of $100,381.
Massive Bitcoin Sale
Over the weekend, a Bitcoin whale liquidated 24,000 coins worth over $2.7 billion. This massive sell-off is believed to be one of the reasons why the price of the leading cryptocurrency plummeted by $4,000 within minutes. Blockstream CEO Adam Back described the whale's activity as clumsy, noting that normally, people with such amounts of money would act more thoughtfully.
Key Level for Bulls
Brandt believes it is crucial for bulls to reclaim the aforementioned $117,570 level to rule out a possible cycle peak. Recently, the Bitcoin price dropped below a key support level of around $112,210. According to Brandt, if the price fails to break out, it could face the aforementioned double top, represented by the highs in July and mid-August.
Furthermore, Brandt emphasizes that he is neither bullish nor bearish on Bitcoin, highlighting the complexity of understanding these nuances among some parts of the audience.
