• bitcoinBitcoin$70,450.001.22%
  • ethereumEthereum$3,573.681.70%
  • elrond-erd-2MultiversX$60.780.37%

Peter Brandt Suggests That Bitcoin May Be Near Its Bottom

At the time of writing, the price of bitcoin has increased by about 1.2% over the past day and is currently trading at $21,400 as the bulls attempt to advance.

On the daily chart, small advances are represented by six straight red candles followed by two tiny green candles.

The King of Crypto is still susceptible to the sell-off that drove BTC/USD beyond $25,000 last week, though, as the overall market is still mainly unstable.

On Friday, the price of BTC dropped by about 10% as the market for riskier assets as a whole plunged on reports that the US Federal Reserve would continue to take a hawkish stance despite signs of slowing inflation.

Bitcoin’s price has fallen to its lowest point in three weeks due to the risk-averse mindset ($20,760 on Coinbase; the pair is down approximately 12% this week). According to renowned trader Peter Brandt:

“For all practical purposes, the target of the rising wedge in Bitcoin $BTC has already been met. That is not a reason per se to be bullish and it does not mean BTC cannot go lower yet.”

Brandt stated that the cryptocurrency is ready for significant downward targets after a breakthrough from an ascending wedge.

If the bulls retain the support, a bounce is feasible from here, but it will likely suffer more if the demand refill zone breaks, as crypto analyst Michael van de Poppe has also noted.

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