Monday, September 25

Amidst Bitcoin’s downfall, veteran suggests bulls will give up

Bitcoin continues to fall in the market for the third day in a row, with a veteran eyeing the behavior of market bulls.

In the financial market, the figure of bulls (bulls) it refers to a market of high prices, a movement that has the animal’s gore as its symbol, which happens from the top to the bottom.

The market of bear (bear) refers to an idea of ​​low, symbolized by the kick, made from top to bottom. Traditionally, these terms were used by the financial market and ended up being incorporated into the cryptocurrency market, due to their trading on stock exchanges.

With Bitcoin’s persistent drop, veteran suggests bulls can give up

The first two days of the week were marked by the daily close of falling trading pair Bitcoin and Dollar. But this Wednesday (29), the Bitcoin price also drops slightly 0.44% in the last 24 hours, with the price at US$ 47,640.00.

This bearish move in the last week of 2021 was not expected by many fans of the digital currency, although with the period festivities traders may be off. Anyway, a veteran who operates in the market ended up issuing a warning to anyone reading Bitcoin graphics.

According to Peter Brandt, a financial market operator since 1975, a scenario that could happen with the Bitcoin falls would be the withdrawal of bulls from the market, an alert given on December 19 and repeated on Wednesday.

In response, a Twitter user told Peter that his analysis is wrong and that bulls could drop the price as low as $28 or $34,000, which is a buying zone.

Firm in his belief that bulls will give up, Brandt disagreed with the assertion and said that if the market drops to these levels, bulls will sell their holdings.

“I completely disagree with you. Emotions rule the day in negotiations. Those who are long and say they will buy for 28,000-34,000 will actually get scared and become sellers. That’s how it works for most people.”

Is Peter from the “Bitcoin Bears” gang?

Analyzing Bitcoin from the perspective of technical analysis, in fact the timing is not good and can lead many people to trade in the market with fear.

However, even analyst Peter Brandt has been wrong in the past, when he claimed in March 2020 that Bitcoin would fall below $1,000 per unit, a devastating prediction that was completely wrong after what happened in the market, which was a breaking historic highs in the market, the last in November 2021, when Bitcoin hit US$ 69,000.

That is, even for those who analyze the short-term fall of Bitcoin in the market with fear, it is important to remember that in the long term there are upward movements in the currency, motivated by the shortage of the currency in the market.

In any case, bulls are following the market’s movements, which is heading towards an annual close with a 64% increase against the Dollar.