U.Today – Peter Brandt, a conventional commodities trader who has been in the industry since the 1970s, addressed his followers in a rather somber tone about the current situation.
This comes after the world’s largest digital currency saw a nearly 6 percent decline in the past 24 hours.
Peter Brandt’s Commentary on Bitcoin Correction
As the price of Bitcoin fell from $56,500 to $53,200, Peter Brandt reluctantly noted on his social media profile X that the last time BTC closed this low was on February 25 of this year.
In a Bitcoin chart shared by a trader that shows the full scale of BTC’s current correction, you can see that the price of the digital gold has been falling more or less steadily since mid-March, after reaching an all-time high of $73,750.
Since that all-time high, Bitcoin has already fallen 26.39%. It has shown some minor bounces at times, but if we zoom out, we can still see that BTC has been heading down for over half a year. It was not a steep correction for BTC, but rather a long-term one.
Brandt noted that “downs have two dimensions – price and duration.” It’s the duration factor that is stronger now, and as Peter Brandt notes in his tweet, “Long-lasting corrections can cause more emotional damage than abrupt corrections.”
“Selling is stronger here than buying”: Peter Brandt
Earlier, Brandt published a Bitcoin chart showing a major pattern forming on it. The pattern is called an “inverted expanding triangle” or “megaphone,” the trader explained.
The test of his lower bound for Bitcoin, he said, would be around $46,000. The only thing that could reverse BTC now and “get the bull market back on track,” according to Brandt, is “a massive push to a new ATH.”
Otherwise, as the chartist stated, “selling is stronger than buying in this pattern.”
Samson Mow challenges BTC’s continued decline
Samson Mow seems to disagree on this matter. He stated that “anyone who thinks Bitcoin will fall is wrong.”
Mow expects the imminent appearance of the “Omega candle,” stating that its appearance “signals the end of the accumulation phase” for BTC.
