Lorenzo Stroe
Independent Analyst
- Peter Brandt, author, and publisher of the Factor Report, has exited around 50% of his Bitcoin position.
- The veteran trader believes Bitcoin might be poised for a correction in the near future.
Peter Brandt has recently stated that he has been taking profits on Bitcoin for the past few days because he met the target he was looking for. Brandt also mentions a potential target of $56,000 for Bitcoin in the long-term if the all-time high is breached.
Bitcoin might be facing a pullback to $12,000
In his latest report, Peter Brandt talks about Bitcoin and his current stance on the digital asset. Brandt states that he sees nothing negative about the flagship cryptocurrency, but he has still taken profits.
BTC/USD daily chart
Brandt points out nine different corrections that Bitcoin price had throughout 2015-2017, averaging around 34%. No significant corrections have been observed since Bitcoin’s last liftoff from $10,000. It seems that a similar correction would put Bitcoin price at around $12,000. Peter Brandt states:
The weekly moving average is substantially below the market at $12,700. Am I predicting a correction down to $12,700? No, not really, I don’t predict markets, I respond to them.
BTC/USD weekly chart
Another interesting factor that Brandt mentions is the lack of trading volume. A lot of investors have been concerned by the flat volume. However, Brandt points out that since December 2017, the four most significant spikes in trading volume marked reversal points in the market, which means that another big spike could be the first sign.
Brandt is looking to re-enter if Bitcoin price re-tests the Moving Average (18) on the daily chart. This MA has been acting as a healthy support level since October 8. It is currently located at $16,750, well above the price of Bitcoin.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews
Bitcoin trades around $68,000 early on Monday, less than 10% away from its all-time high of $73,777 on Binance. Ethereum ETF anticipation brews among traders and Ether investment products see inflow of over $45 million in the past week.
Ripple lawsuit settlement likely soon, says Brad Garlinghouse, XRP hovers around $0.60
Ripple (XRP) trades around a key psychological level of $0.60, early on Monday. The altcoin recently made headlines for its highest weekly gain of 2024, over 40%. XRP sustained nearly 21% of the gains from the last seven days.
Solana could cross $200 if these three conditions are met
Solana’s total value locked climbs 18% in July to $5.38 billion, as seen on DeFiLlama. Solana sustains over 20% gains in the past seven days, corrects nearly 3% on Monday. Active addresses and new address count in the Solana network have increased throughout July.
ALT, WLD, ENA, ID set for $200 million token unlocks next week
The crypto market is set to experience another wave of token unlocks next week, with Altlayer (ALT), Worldcoin (WLD), Ethena (ENA), and Space ID (ID) set for a combined token unlock worth about $200 million.
Bitcoin: Will BTC continue its bullish momentum?
Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.