Peter Brandt, a renowned trader, has expressed his thoughts on Bitcoin’s recent price movement, claiming that the biggest crypto has still hit the bottom of the decline owing to little trading activity.
The steady hemorrhage signals that more suffering is on the way until bulls reclaim control of the market.
Brandt observes that major bottoms have occurred, with frantic surrender typified by heavy selling activity.
According to Willy Woo, an on-chain expert, there are no indications of a sell-off, indicating a solid holder attitude. He says that the market is now in a period of consolidation.
In answer to one of his supporters, Brandt acknowledged that massive sell-offs will not have to happen in the middle of a bull market cycle, but he anticipates more volume on bullish gains.
Earlier this month, the seasoned statistician advised investors to keep an eye out for the bearish twin top formation, but he also stated that the trend is still to be verified.
Yet a further month in the red
Yet a further month in the red. The biggest cryptocurrency fell to as far as $42,000 before beginning a period of range-bound trading, with bulls unable to reclaim the $50,000 mark.
On major spot markets, the highest coin is now selling at $46,500.
Owing to the instability in the US stock market, Galaxy Digital CEO Mike Novogratz expects the gloomy trend to extend well beyond 2022. Nevertheless, he stays optimistic about the crypto king in the long haul.