U.Today – Old-school commodities trader who has been in the business since the 1970s, Peter Brandt, has addressed his followers with a rather grim commentary on the situation he currently finds himself in.
This came after the world's largest digital currency saw a drop of almost 6% over the past 24 hours.
Peter Brandt's Commentary on Bitcoin Correction
As Bitcoin fell from the $56,500 zone to $53,200, Peter Brandt took to his social media profile X to reluctantly point out that the last time BTC had closed at such a low level was on February 25 of this year.
In a Bitcoin chart shared by the trader, which shows a full scale of the current BTC correction, it can be seen that the digital gold has been more or less steadily falling since mid-March, having hit an all-time high of $73,750.
Since that all-time high, Bitcoin has fallen by 26.39%. It has shown small recoveries at times, but if one zooms in on the chart, one can still see that BTC has been falling for over half a year. It has not been a steep correction, but rather a prolonged one.
Brandt noted that “crashes have two dimensions: price and duration.” The duration factor is the one that is gaining more strength now and, as Peter Brandt points out in his tweet, “prolonged corrections can cause more emotional damage than steep corrections.”
“Selling is stronger than buying here”: Peter Brandt
Previously, Brandt posted a Bitcoin chart that showed a major pattern forming on it. That pattern is called an “expanding inverted triangle” or “megaphone,” the trader explained.
According to Brandt, the test of the lower limit for Bitcoin would be around $46,000. The only thing that can now reverse BTC and “get the bull market back on track” is “a massive push towards new ATHs.”
Otherwise, the chartist said, “Selling is stronger than buying in this pattern.”
Samson Mow challenges the prospect of further BTC price decline
Samson Mow seems to have the opposite opinion in this case. He stated that “everyone who thinks Bitcoin will fall further is wrong.”
Mow expects an “Omega candle” to arrive soon, stating that its appearance “signifies the end of the accumulation phase” for BTC.
This article was originally published on U.Today
