Veteran trader Peter Brandt has sparked excitement among Bitcoin aficionados by spotting a possible purchase chance within the current price fall of the currency.
Renowned for his remarkable ability to forecast market moves, Brandt thinks a short-term buying signal is developing even if the currency is barely close to support levels. Still, echoes of caution persist as the digital asset is always shadowed by market instability.
Foot Shot Pattern: A Sign Of Weakness Or Hidden Strength?
Brandt’s study depends on a technical indicator called the “foot shot pattern,” which has pasted price rises. This optimistic view contrasts sharply with the very negative attitude of the present market.
The pattern in Bitcoin is something I call a foot shot (Friday). This is a buy signal short term. pic.twitter.com/D5jz7FrQFS
— Peter Brandt (@PeterLBrandt) July 6, 2024
Popular metric of market mood, the Fear and Greed Index, now sits at a poor 29, squarely in the “Fear” zone. Bitcoin has lost almost 10% of its value in the previous month, therefore fueling the flames and raising questions of a more significant fall.
Source: Alernative.me
Finding Opportunity In The Maelstrom
Not discouraged by the present market swings, Brandt joins a rising chorus of well-known people supporting Bitcoin. Author of the best-selling personal finance book “Rich Dad Poor Dad,” Robert Kiyosaki, saw the price drop as a perfect chance and lately expressed his plan to acquire more Bitcoin.
This attitude is consistent with Brandt’s estimate of a possible price decrease to $48,000 prior to a notable turn around. Both men think that the long-term possibilities of Bitcoin exceed the temporary fluctuations.
Head And Shoulders Pattern Hints At Big Move
Brandt’s study explores Bitcoin’s future path outside the current price swings. On the Bitcoin price chart, he finds a “Inverse Head and Shoulders” pattern, a bullish sign sometimes connected with significant market upswings.
Comparatively, in past gold bull runs, Brandt proposes this pattern may indicate the start of a notable rising trend for Bitcoin. Some price projections showing Bitcoin to reach $79,800 by August 6th, 2024, a notable rise from its present price, support this positive attitude even more.
Although the comments of Brandt and Kiyosaki give Bitcoin enthusiasts some hope, it is advisable to approach the market with a reasonable dosage of doubt. The market for cryptocurrencies is still rather erratic, hence price forecasts—especially in the near future—are also quite erratic. Moreover, Brandt and Kiyosaki are well-known for their optimistic opinions about Bitcoin, so their points of view might be biassed.
Featured image from Wales247, chart from TradingView