Veteran Trader Peter Brandt Reveals Big Question for Bitcoin Price: Details By U.Today
U.Today – Veteran trader Peter Brandt recently raised a key question that could shape Bitcoin’s next move. On Twitter, Brandt hinted at a possible market shakeout, hinting that an eventual “dump” or extended period of sideways trading could occur. before the big rally.
“The big question in my mind is whether Bitcoin will get another dump (or longer jams) before the pump. Remember, markets don’t usually turn sour until the retailers are worn out,” Brandt wrote.
A veteran trader’s use of the phrase “tangled chop” may refer to a phase of range trading where prices fluctuate in a narrow range, frustrating both bulls and bears.
Will Bitcoin have another “dump” or prolonged rally before the next big pump?The answer, according to Brandt, lies in the behavior of retailers.
According to Brandt, the markets do not “sour” until retail participants lose patience. In the coming days, eyes will be on where Bitcoin trends next, as well as the behavior of retail traders. but only after a little more pain.
Bitcoin price action
Crypto markets have fallen sharply over the past week. Bitcoin fell from nearly $102,735 on Tuesday to $91,187 on Thursday.Major altcoins were down even more on a percentage basis.
BTC bounced back to a high of $95,862 on Friday, close to where it is currently consolidating.BTC is up 0.26% over the past 24 hours to $94,639 since Saturday. The price moved in a narrow range from $93,670 to $94,983.
While expectations remain for the price of bitcoin, bitcoin analyst Willy Wu has warned crypto market participants to exercise caution in the coming months, with further gains expected in the near future.
“Risk is peaking for the first time in this cycle and there are a ton of gains in coins that have sold off and many more gains are needed before we properly reset,” Wu wrote in a recent X note, noting that while . Bitcoin sentiment looks ‘uber bullish’, market participants should take a more ‘cautious approach’ in the coming months.
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