Old-school commodities trader who has been in the business since as early as the 1970s, Peter Brandt, has addressed his followers with quite a gloomy comment on the situation Bitcoin has found itself in by now.
It happened after the world’s biggest digital currency demonstrated a nearly 6% decline during the last 24 hours.
Peter Brandt’s Bitcoin correction comment
As Bitcoin plunged from the $56,500 zone to $53,200, Peter Brandt took to his profile on the X social media network (formerly known as Twitter) to grudgingly point out that the last time BTC had closed at that low a level was February 25 this year.
On a Bitcoin chart shared by the trader, which shows a full scale of the current BTC correction, one can see that digital gold has been going down more or less steadily since mid-March after it had reached an all-time high of $73,750.
The last time Bitcoin closed lower than the present price was February 25, 2024. $BTC #Bitcoin
There are two dimensions to drawdowns – price and duration
Prolonged corrections can cause more emotional damage than can steep corrections pic.twitter.com/IVwEx2PHic— Peter Brandt (@PeterLBrandt) September 6, 2024
Since that historic peak, Bitcoin has by now declined by 26.39%. Sometimes it has been showing small recoveries but if one zooms out on a chart, one can still see that BTC has been headed downwards for more than half a year now. That has not been a steep but rather a prolonged correction for BTC.
Brandt pointed out that “there are two dimensions to drawdowns – price and duration.” It is the duration factor that is being stronger now and, as Peter Brandt notices in his tweet: “Prolonged corrections can cause more emotional damage than can steep corrections.”
“Selling is stronger than buying here”: Peter Brandt
Earlier, Brandt published a Bitcoin chart, showing an important pattern forming on it. That pattern is called “an inverted expanding triangle” or “a megaphone”, the trader explained.
The test of its lower boundary for Bitcoin, he said, would be approximately $46,000. The only thing now that can reverse BTC and “get the bull market back on track”, according to Brandt, is “a massive thrust into new ATHs.”
Otherwise, the chartist stated, “Selling is stronger than buying in this pattern.”
Samson Mow defies further BTC decline prospect
Samson Mow seems to be on the opposite opinion here. He stated that “everyone that thinks #Bitcoin will go lower is wrong.”
Mow expects an “Omega candle” to arrive soon, stating that its emergence “signifies the end of accumulation phase” for BTC.
Everyone that thinks #Bitcoin will go lower is wrong.
— Samson Mow (@Excellion) September 7, 2024
