CandleFocus

Even at $80,000, Bitcoin Stays Bullish, Says Veteran Trader Peter Brandt

Author: Content Editor
The cryptocurrency market recently experienced a significant amount of liquidations, resulting in $2.2 billion worth of losses. Bitcoin reached $91,231 on Binance, causing many altcoins, including Ethereum, to see a 20% drop in value. This led to cascading liquidations and forced traders to reassess their positions. Despite the pessimism, veteran trader Peter Brandt believes that even if Bitcoin falls below $80,000, it could still be in a bull trend. Brandt suggests that fear and uncertainty can often create these scenarios, and it is too early to determine the market's direction. Additionally, there is an unclosed gap at $75,000 in CME Bitcoin futures from November, and if the price reaches that level, the market may remain intact with bullish projections. Analysts also reference historical market cycles, where similar corrections have preceded new highs, suggesting that the bull run may not be over yet. Despite the losses, some traders remain optimistic and believe that key support levels could trigger further accumulation and drive prices higher in the future.

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