Winter Is Coming, Crypto Trader Peter Brandt Says Bitcoin Prices Will Still Fall Again

JAKARTA – In the midst of the Bitcoin boom in the last few days, the legendary Trader Peter Brandt expressed his opinion on the movement of BTC. He considered that the number one cryptocurrency had not yet reached an internal correction, this was due to the relatively small trading volume of BTC.

The slow but steady decline in the price of BTC indicates that the bearish moment is not over before entering a bullish trend. He argues that the low was due to a panic sell.

Reporting from U.Today, on-chain analyst Willy Woo said that there was no sign of a sell-off, pointing to strong holder sentiment. He claims the market is currently in a consolidation phase.

In response to one of his followers, Brandt agrees that a massive sell-off doesn't always have to happen in the middle of an up-market cycle, but he expects to see expanded volume on a bullish run.

Earlier this month, the veteran charting expert urged traders to pay attention to a bearish double top formation, but he also explained that the pattern has not been confirmed.

Bitcoin started the last month of the year with a massive sell-off. The largest cryptocurrency briefly fell to the $42,000 level and then began a series of tied trades, with BTC failing to enter a bullish trend to return to the $50,000 level.

In addition, Galaxy Digital CEO Mike Novogratz said that the bearish trend is expected to continue into 2022 due to the weakening of the US stock market. However, he remains bullish on Bitcoin in the long term.

At the time of writing, the price of Bitcoin has fallen by 2.5 percent in the last 24 hours. Even in one week, BTC fell 7.3 percent as data reports from Coingecko.