The Last BTC Claim of the Analyst Who Knows Every Step of Bitcoin

The Last BTC Claim of the Analyst Who Knows Every Step of Bitcoin
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The Last BTC Claim of the Analyst Who Knows Every Step of Bitcoin

Technical analyst Peter Brandt, known for his accurate Bitcoin assumptions, updated his expectations in a message to Microstrategy founder Michael Saylor. The BTC assumption was rather modest, contrary to exaggerated expectations.

Here’s what Peter Brandt said to Michael Saylor

Saylor, an outspoken supporter of Bitcoin, has renewed his faith in the cryptocurrency in his most recent tweets. On December 18, he decorated a magnificent Bitcoin image on Twitter with the words “Believe in Bitcoin”. The image features a physical BTC worshiped by a lady. Shortly after this post, technical analyst Peter Brandt gave Saylor a sarcastic response. The veteran investor has added Bitcoin to the list of things that can distract from religious beliefs.

Peter Brandt does not share Michael Saylor’s fanatical belief in Bitcoin. Instead, he sees Bitcoin as one of the commodities to be traded in the market for profit. Michael Saylor is known for his numerous tweets about Bitcoin. These are often just a single line that sounds like an old wisdom piece, a trope, or a phrase – “digital power flows,” for example.

Peter Brandt criticizes analysts over BTC claim

Earlier this year, Brandt also criticized Bitcoin phenoms who joined the “laser eyes” movement last year. The largest cryptocurrency remained on the agenda last year with expectations that it would reach $100,000 in the long run. The technical analyst said that the BTC price will drop below $20,000 instead. Disastrous for crypto investors, he was right in his claims.

The Last BTC Claim of the Analyst Who Knows Every Step of Bitcoin

What is the price of bitcoin

On the technical side, Bitcoin has been slightly bullish over the past week. As such, it sparked hopes for a potential recovery above $20,000. However, the positive direction was short-lived. The President cryptocurrency is again trading below $17,000 at the time of writing.

A look at the current level of demand in the market can help determine how Bitcoin’s price action will turn out. According to the latest Glassnode strikes, the number of Bitcoin addresses holding more than 10 BTC was at a two-year high. This observation meant that there was still some measure of demand for BTC in the market.

The whales purchase confirms that Bitcoin is still experiencing valuable demand even as the price continues to drop. However, this is not enough to create a strong upward momentum. A look at BTC’s performance in the derivatives market helps to better understand the level of volatility to expect in the next few days.

Bitcoin, for example, experienced a sharp decline in open cases in the derivatives market from December 14 to 16. This was around the time the price gave up on its weekly gains.

The Last BTC Claim of the Analyst Who Knows Every Step of Bitcoin

The same metric revealed that Bitcoin’s open state has recovered somewhat over the past two days, but not as enthusiastically as its previous drop. Despite this slight recovery, the Bitcoin funding rate has not recovered now.

The Last BTC Claim of the Analyst Who Knows Every Step of Bitcoin

This drop in funding rates indicates that short-term investors have the upper hand and are willing to pay funds to long-term investors. All in all, based on the above observations, it was clear that Bitcoin’s volatility and demand for whales was on the way to beautify. On the other hand, analysts’ bullish expectations were lower. Before Peter Brandt, other analysts claimed that Bitcoin will fall below $15,000 in the coming months.

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