Veteran trader Peter Brandt, has told Cointelegraph that if Bitcoin (BTC) investors expect to buy BTC again for under $6,000 have missed out on that opportunity.
On 17th January, he discussed the issue with Cointelegraph and told the news outlet that BTC has already “hit the floor.” He said, “They all now want to sit and buy a break back to $6,000 or $5,000 and they’ve missed the bottom — and during that bottom, I think you had a lot of people accumulate with strong hands.” He continued, “The weak hands are out; the strong hands own it.”
Brandt has been a Bitcoin fan for some time, and he continues to feel bullish about it, which he has been talking about on social media.
Earlier in January, Brandt said that the only thing that might prevent a new Bitcoin bull run were novice investors which he called “cryptocultists. Whether momentum would continue when the price leap to above $8,000, Brandt said, is nonetheless down to the composition of the market, as well as technical indicators.
Cointelegraph wrote: “Uploading supporting charts, Brandt highlighted three characteristics that hinted at a bullish upturn for Bitcoin. These included BTC/USD remaining within a multiyear channel and not falling through the bottom of it, as well as preparing to break the ceiling of a different, six-month channel.”
Cointelegraph also said in the current article, “In early 2018, one month after Bitcoin reached its all-time highs of $20,000, Brandt warned markets would not be going any higher, and that an 80% retracement was likely.”
Brandt is suggesting that the main dangers are over, comments echoed by fellow trader Alessio Rastani. “I think anybody who is interested in what Bitcoin has to offer has to have at least 10–20% of an ownership position relative to the capital that they could commit to Bitcoin in a bigger perspective,” he advised.
“Bitcoin has sealed monthly gains of around 35%, with 2020 progress alone at 25%. Markets reached local highs of $9,000 on Friday, before encountering resistance, which coincides with the 200-day moving average price, something which has historically stifled bullish progress,” Cointelegraph concludes.