Prominent Trader Brandt Names Pivotal Level That Bitcoin Bulls Have to Reclaim
Peter Brandt, one of the most prominent commodity traders, has weighed in on Bitcoin’s latest price drop, arguing that the bulls would need to reclaim $71,000 in order to regain momentum.
Even though the flagship cryptocurrency experienced an impressive rally in September, it did not “disturb” the seven-month sequence of lower highs and lower lows.
According to Brandt, only a close above the aforementioned level would indicate that the bullish trend from the low recorded in November 2022 would remain in “full force.” Bitcoin is currently down 16% from its lifetime high of nearly $74,000 that was achieved in March.
The bullish trend would still have to be confirmed by a new record high.
The leading cryptocurrency plunged to as low as $60,315 earlier today due to geopolitical jitters. According to CoinGecko data, it is currently changing hands at $61,488.