Veteran Trader Peter Brandt Believes Bitcoin's Current Floor Price Is In For A Buy — Here's Why

Notice how silent crypto “moon boys” have been since Bitcoin tanked below $40,000? Well, Peter Brandt has suggested that this could be the right time to buy the asset.

The veteran trader took to Twitter, explaining why he believes that the time was ripe to buy Bitcoin after a three-month-long battering.

“I find it fascinating that many (not all) on social media who wore laser eyes in Mar/Apr and predicted a rocket shot for $BTC in Nov now are predicting that the $30k level will be violated,” he wrote.

The pundit, who agrees to have learned about charts the hard way went on to give his partying shot to his over half a million followers.

“When bulls wear laser eyes — time to SELL

 When bulls become bears — time to BUY????”

According to Brandt, most novice traders and maximalists are mainly attracted to the market during tops, the more reason the market is always working against them.

“The worst habit in trading is to be obsessed with a certain market, buy strong rallies driven by FOMO, then sell on corrections driven by fear of losing,” Brandt advises, “Important to learn the opposite — buy the dips, sell the surges.”

Another reason why Brandt’s assertions suggest that Bitcoin’s price could be headed for a bullish turnaround is pinned to an earlier tweet where he ruled out the possibility of a bearish head shoulder pattern unfolding, which suggests that $30,000 is still his target inflection point.

Scott Melker, also known as ‘The Wolf Of All Streets’ also points out last week’s spinning top candle. Although the candle is a sign of incoming strength, he states that he needs confirmation by at least two more bullish-weekly candles. Until then, he says that he will not be buying until the price surges to $39,600.

That said, despite bullish sentiments continuing to pile up, experts suggest that Bitcoin’s bad days could persist unless the price turns around at $30,000 or surges and stays above $40,000.

Asia’s lunar year festival which kickstarted on February 1 and is expected to run for two weeks, may also see reduced trading activities in Asia as major stock indexes in China, Hong Kong, South Korea, and Singapore close on Tuesday.

As of writing, Bitcoin is trading at $37,368, with the weekly RSI approaching the oversold region, similar to what happened in  March 2021, which was preceded by a price rally.

Source: Read Full Article