Experienced trader Peter Brandt has shifted his focus to Bitcoin, which is showing promising market activity and could herald a significant buying opportunity.
According to him, Bitcoin has increased by 233% from its daily closing price on September 11th, with the highest retracement coming in late January at 15.7%. This resiliency reflects strong market sentiment regarding Bitcoin’s long-term potential.
Bitcoin is currently trading in an ascending channel with bullish momentum, indicating that investor confidence is high. The $55,000 support level is critical; a dip below this level could be an opportunity for investors to purchase low and collect additional Bitcoin.
While a decline below support is not explicitly forecast, this level is an important benchmark to monitor closely. The prognosis remains cautiously optimistic: if Bitcoin maintains support, it may continue to rise to new highs. However, breaking support could result in a deeper drop before recovery starts.
Traders will look for consolidation and continuation patterns to confirm long-term bullish momentum.
More From Crypto SA
