Veteran trader Peter Brandt believes that it could be time to buy the dip Bitcoin price
This is not a happy start to the year for most bulls as the market is always subject to unexpected volatility, and the post-collision crash has affected investor morale. Emotions may seem unimportant in the crypto sphere, but they can often indicate a change of fortune. But there are still optimists, as veteran trader Peter Brandt hinted that it might be time to buy Bitcoin in his recent tweet. At the time of writing, Bitcoin price is changing hands at $37,220. So, is this the right price to buy?
BTC/USD 4-hour chart | Source: TradingView
Peter Brandt said it might be time to buy Bitcoin as price drop
Santiment recently noted that traders have been opting for caution despite mild rallies as fear still hangs heavy in the air. Looking at weighted sentiment for Bitcoin and Ethereum, both were in the “Fear Zone” below -0.5 at press time. While this might sound gloomy, Santiment reminded watchers that negative sentiments could trigger a price rise at times.
“I find it fascinating that many (not all) on social media who wore laser eyes in Mar/Apr and predicted a rocket shot Rocketfor $BTC in Nov now are predicting that the $30k level will be violated. When bulls wear laser eyes — time to SELL. When bulls become bears — time to BUY????”, he stated.
Source: Peter Brandt
Brandt has pointed out that market sentiment has become too bearish, which is why he believes the cryptocurrency is likely to move higher. Buying assets when the market is fearful is one of the most famous contrarian investing principles.
He also attached a price chart showing Bitcoin forming a descending channel on the weekly chart. While such patterns are considered bearish in the short term, the leading cryptocurrency will likely see more upside if the bulls penetrate the upper trendline.
In his tweet, Brandt reiterated that Bitcoin editing their image to add a laser eye signifies market leadership.
The top cryptocurrency peaked at $69,000 in November and has rallied more than 50%. After several failed attempts to find footing above the $38,000 support, Bitcoin once again dropped below $37,000.
In a recent tweet, popular crypto trader Scott Melker stated that he would not turn bullish on Bitcoin until a weekly close above $39,600. He noted that the leading cryptocurrency has not had two consecutive bullish candles on its weekly chart in months.
Bitcoin is also on track to record a third consecutive month of losses, something that hasn’t happened since June 2021. If the top coin ends in February, it will mark the cryptocurrency’s longest losing streak since the beginning of 2019.
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