A long-time trader named Peter Brandt recently asked a very important question that could affect what Bitcoin does next.
Brandt suggested in a tweet that the Bitcoin market might be shaking up. He said that there might be a final “dump,” or a long period of sideways trade, before a big rally.
“Congestive chop” may have been what the experienced trader meant by a period of range-bound trading in which prices move back and forth within a tight range, making both bulls and bears unhappy.
Will Bitcoin have another “dump” or a long period of stability before the next big jump? Brandt thinks that the answer lies in how retail buyers act.
Brandt says that markets don’t “sour” until people who buy things lose their patience. All eyes will be on where Bitcoin goes next and how regular traders act in the next few days. If the answer to Brandt’s question is yes, it could mean that Bitcoin’s next big rise is just around the corner, but it will come after a little more pain.
What the Bitcoin price does The price of cryptocurrencies dropped a lot last week. For example, Bitcoin went from almost $102,735 on Tuesday to $91,187 at one point on Thursday. The percentage drops for major altcoins were even bigger.
BTC went back up to a high of $95,862 on Friday, which is close to where it is now stabilizing. At the time this was written, BTC had gained 0.26% in the last 24 hours and was now worth $94,639. The price of Bitcoin has been stuck between $93,670 and $94,983 since Saturday.
Even though people are still optimistic about the price of Bitcoin, Bitcoin analyst Willy Woo has told people in the crypto market to be careful in the coming months because more profit-taking is likely to happen soon.
