The famous trader warns that there is little to cheer about in the short-term BTC price movement.
Famous trader Peter Brandt warned that Bitcoin ( BTC) must remain above $29,000 in order to maintain the bullish case in short-term.
Brandt, who is well-known for his smart BTC price calls in the recent years, stated that it was up to bulls to demonstrate Bitcoin’s strength in a tweet.
Brandt: Bitcoin daily performance “negative”.
BTC/USD lost 5% Thursday. It erased more of its gains, even though many on-chain indicators turned bullish.
Brandt felt that lower time frames showed little optimism and that a change was needed to counter the negativity.
“The 5-week rectangle continues its formation. He commented along with an annotated price graph that the daily chart was “decidely negative”.
“If $BTC is not maintained above $29,000, the burden of proof falls on the bulls.”
This level would still be much higher than the Bitcoin low last week. The current local bottom is $28,600 on Bitstamp.
Several sources warn that violating this floor could lead to ground towards the multi-year record of $20,000, which was previously set.
However, Bitcoiners remain at odds with each other over the future of bearish near term price performance.
John Bollinger, the creator of Bollinger Bands, saw $31,000 on Wednesday as the lowest “logical” level for Bitcoin/USD. Some people responded that these levels should not be reconsidered due to recent behavior.
Bollinger also revealed that he was watching $35-36,000 and $41,000.
He said, “So far they’ve been important milestones.”
The price range is very high
Bitcoin remained consistent with predictions regarding its expected daily bounce on Thursday.
Cointelegraph reported that traders should hold between $32,300 to $33,000. BTC/USD is at the higher end.
Even long-time market participants are still rattled by lower prices. BTC/USD is currently as far from its stock to-flow target now as it was in January 2019, right after the 2018 bear market. According to popular price forecasting models, Bitcoin should be worth $78,000 per week.
Many argue that price suppression in China is a natural outcome given the current events.
“June 2021 saw the most aggressive sovereign attack on Bitcoin,” Travis Kling (head of crypto hedge fund Ikigai), stated this week.
