Peter Brandt Believes Bitcoin’s Price is Yet to Reach Bottom
Bitcoin's Price is Yet to Bottom
On Monday, veteran trader Peter Brandt shared a price chart of Bitcoin saying that the flagship cryptocurrency is yet to reach its bottom due to low trading volume. This indicates that more downturn is yet to come before the bulls regain control of the market. He noted that key bottoms have taken place with strong panic selling strong volume.
Commenting on the post, on-chain analyst Willy Woo said that the market is currently in a consolidation phase and there is no sign of sell-off, pointing to strong holder sentiment. In response to this, Brandt agreed that huge sell-offs do not necessarily have to occur in the middle of a bull-market cycle, but he expects to see expanded volume on bullish advances.
Galaxy Digital CEO Mike Novogratz said he expects Bitcoin's downward trend to continue next year due to weakness in the U.S. stock market, however, he still remains bullish on it.
Bitcoin to Experience Potential Sell-Off?
Bitcoin started the last month of the year with a big sale with BTC dropping as low as $42,000 and then starting an area-bound streak as bulls failed to regain the $50,000 level. The flagship cryptocurrency is currently trading at $45,930 at the time of writing.
On Dec. 18, Bitcoin (BTC) experienced a death cross, a market indicator that occurs when a short-term moving average slips below a long-term moving average. In this case, Bitcoin's 20-day exponential moving average (20-day EMA) closed below its 200-day exponential moving average (200-day EMA).
This indicates a potential selloff in the coming sessions, given its history of predicting bear trends in advance. For instance, the 20-200 bearish crossover that appeared on May 30, 2021, triggered the BTC price from $36,500 to $28,800 in the next 24 days.
