A veteran trader who built a reputation in the crypto space after calling the start of Bitcoin’s last bear market is mapping out key price levels for the flagship cryptocurrency.
Peter Brandt is unveiling his buy zone for the leading crypto asset to his 428,400 Twitter followers, based on the depth of corrections of the previous bull market.
“10% correction has been met – might be all we get. A 20% correction would be to $46,693. A 30% correction would be to $40,856. A 35% correction (avg of 30%+ corrections in 2015-17 trend) would be $37,938. Jan high at $41,986 would be logical spot to buy.”
According to Brandt, Bitcoin’s plummet below $47,000 on Monday bodes well for the sustainability of the bull market.
“That may be enough to make the market healthy again. This is called getting rid of the late FOMO buyers.”
Brandt adds that the excessive bullishness experienced by market participants recently suggested that a pullback was on the horizon. He cites the laser ray eye trend on Twitter, where big crypto personalities like MicroStrategy CEO Michael Saylor and CoinShares executive Meltem Demirors, used laser-eyed profile photos to cheer on BTC’s ascent to $100,000.
“I was looking for some clue that a more meaningful correction in BTC was coming due. The convincing evidence was the Bitcoin eyes. Unbridled exuberance is always dangerous and usually quite predictive.”
As for XRP, Brandt continues to distance himself to the crypto asset that he believes is “going to be a buster.” While the veteran trader believes the digital asset is a security, he says it might be interesting to some traders as XRP constructs a bottom structure.
“I do not trade OTC (over the counter) securities. If I did trade such securities, XRP would be of interest. Inverted H&S contingent upon pattern completion. XRP is a security issued by Ripple Labs.”
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