Peter Brandt, a well-known commodity trader, has commented on Bitcoin's recent price drop, stating that the bulls need to reclaim $71,000 for momentum to return. Despite a rally in September, Bitcoin has not disrupted its trend of lower highs and lows over the past seven months. Brandt believes that only a close above $71,000 would confirm a bullish trend from November 2022. Bitcoin is currently down 16% from its all-time high of nearly $74,000 in March. To confirm the bullish trend, a new record high would need to be achieved. Earlier today, Bitcoin dropped to $60,315 due to geopolitical concerns and is currently trading at $61,488.



Other News from Today