Popular trader Peter Brandt has recently <a href="https://twitter.com/PeterLBrandt/status/1410614829195300868/" target="_blank" rel="nofollow noopener">released</a> a warning, that in order to preserve the upward movement, the price of Bitcoin must be defended at the level of $29K by the bulls. Peter cautioned that not much is to be cheerful about when it comes down to the price action of the flagship currency in the short term.
<h2>Peter Brandt Says Bitcoin $29K Mark Must Be Defended</h2>
In a tweet that was shared on July 1, Peter Brandt said that this is the time for the bulls to show their strength and warned that the mentioned mark must be defended at any cost by the bulls. The trader is well-known for his <a href="https://www.cryptoknowmics.com/news/bitcoin-could-still-reach-100000-despite-recent-correction-peter-brandt/">earlier calls</a> regarding the price of Bitcoin.

Commenting on the explicated price chart following the 5% fall in BTC price after the conversion of BTC/USD chart’s on-chain indicators <a href="https://www.cryptoknowmics.com/news/on-chain-data-suggests-bitcoin-price-could-touch-85k-mark-indicators-pointing-towards-bullish-pattern/">flipped</a> bullishly, he said:

"The 5-week rectangle continues to form. The daily chart is decidedly negative. The burden of proof is on the bulls unless they can keep $BTC above $29,000."

Moreover, several sources have already issued a warning that said that the contravention of the current local bottom will open up the ground towards the high that the flagship currency made last year, $20K.
<h2>Other Analysts on BTC/USD Chart</h2>
Along with Peter Brandt, the creator of the Bollinger Bands, <a href="https://www.cryptoknowmics.com/news/bollinger-claims-bitcoin-bottom-is-in-predicts-price-target-of-50000/">John Bollinger</a> noticed $31K as the lowest of the three logical levels in the BTC/USD chart. 

In addition to this, Bollinger revealed that he is closely watching the price movement of BTC within $35-36K and $41K, and said:

"So far they have been important milestones.”

Travis Kling, the Head of Ikigai, the crypto hedge fund addressed the previous month’s hit on Bitcoin and said:

"June 2021 brought the most aggressive sovereign assault on Bitcoin ever. That is not hyperbole, that is fact."

Peter Brandt Warns Regarding Negative Bitcoin Daily Performance Chart, Says Bulls Must Defend $29K Mark

Peter Brandt has released a warning, that in order to preserve the upward movement, the price of Bitcoin must be defended at the level of $29K by the bulls.

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.

Peter Brandt Warns Regarding Negative Bitcoin Daily Performance Chart, Says Bulls Must Defend $29K Mark

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