Popular trader Peter Brandt has recently 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. 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.
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 earlier calls 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 flipped bullishly, he said:
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.
Along with Peter Brandt, the creator of the Bollinger Bands, John Bollinger 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:
Travis Kling, the Head of Ikigai, the crypto hedge fund addressed the previous month’s hit on Bitcoin and said: