In a recent tweet, veteran trader Peter Brandt indicated that it could be time to purchase Bitcoin.
Brandt feels that market sentiment has grown too gloomy, which is why he believes the cryptocurrency will rise. One of the most prominent contrarian investing strategies is to buy assets when the market is scared.
On the weekly chart, he also supplied a price chart that shows Bitcoin forming a descending channel. Despite the fact that such formations are usually bearish in the near term, the flagship cryptocurrency is expected to experience additional upside if bulls break through the upper trend line.
Brandt underlined in his tweet that Bitcoin changing its images to add laser eyes was a telltale indicator of the market’s high.
The flagship cryptocurrency peaked at around $69,000 in November before plummeting by more than 50% since then.
Bitcoin has once again fallen below $37,000, after repeated unsuccessful efforts to gain traction above the $38,000 support level.
In a recent tweet, prominent cryptocurrency trader Scott Melker said that he would not become positive on Bitcoin until it closes over the $39,600 barrier on a weekly basis. He remarked that the flagship cryptocurrency hasn’t had two consecutive bullish candles on the weekly chart in months.
Bitcoin is also on course to lose money for the third month in a row, which hasn’t occurred since June 2021. If the top coin finishes the month in the red, it would be the cryptocurrency’s longest losing stretch since early 2019.
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