As opposed to the prediction of several notable analysts, Bitcoin ended last year with a massive fall in price after setting a new benchmark. In November, the famous cryptocurrency set a new record of over $69k in price. Most members of the cryptocurrency community well accepted this hike.
When the price of BTC hiked, more traders bought the coin with high hopes that the price would climb higher. Their dreams were cut short when the crypto dipped by over 50%, traders losing millions.
Currently, BTC is trading below $40k, with many people selling their Bitcoin. Selling the coins seems like the only logical thing, but a Veteran trader has advised traders to buy and not sell.
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Peter Brandt tweeted that this might be the best time to invest more in Bitcoin despite its recent drop in price. One principle of contrarian investing is to buy assets when the market is bearish.
According to Brandts’ tweet, the market is very bearish for BTC, and this is why it might increase very soon. Brandt believes the crypto is giving people a sign that the price will increase by adding laser eyes to their pictures.
The prediction by Brandt is not a confirmation that crypto is rising anytime from now because the crypto market can be unpredictable at times.
The Drop Of Bitcoin
From November till January, Bitcoin has dropped by over 50%. The cryptocurrency has struggled to cross the $38k support level and climb to $40k, but the bears are holding it back.
Another trader, Scott Melker, has a different opinion about the rise of BTC. Melker noted that he will only believe in a bullish run if the cryptocurrency can cross $39,600. According to him, the number one coin has not recorded two bullish candles in a week.
What Does The Future Hold For The Crypto
If BTC ends the month of February in the red zone, it will mark the most losing streak ever recorded since June last year. This might cause people to sell their coins.
BTC is not the only coin that has been having a bearish season, other coins such as ETH, BNB, ADA, USDT are also recording price drops. The crypto market is stabilized now with only coins like LUNA still dropping further.
Although the price of BTC has dropped in the past months, there is a high chance the market will become bullish. As we await the bull run, remember that the popular coin made history last year by hitting $69k, a new record. Will the crypto best its highest record this year? Let’s wait and see.
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