According to Peter Brandt, there is still hope for Bitcoin bulls. Is Bitcoin about to enter another bear market? Peter Brandt shares his opinion. Cryptocoin. com, we are in the details.
Bull or bear in Bitcoin (BTC)?
Veteran commodities trader Peter Brandt writes in a recent tweet that the menacing head-and-shoulder pattern formed on Bitcoin’s four saadollarsik charts may fail. In the early saadollarser today, BTC dropped to $58,000, its lowest level since October 15. The sudden drop sparked another bear market fear. The top cryptocurrency is down 13.3% from its all-time high of $67,000, reached on October 20. The sinister head-and-shoulder formation emerged after buyers failed to gain ground above the $63,000 resistance and hold the latest high.
If current running is tiring, Brandt expects a larger congestion pattern to occur.
An ETF to cool Bitcoin: While some analystsdollarser is clamoring about the overheating Bitcoin market, investment firms are finding unique ways to unleash the biggest cryptocurrency. Meanwhile, Alexandria-based Direxion, known for its leveraged exchange products, has recently applied to launch an ETF that will reveal the price of CME’s Bitcoin futures contracts.