A Top Trader Reveals Potential Bitcoin Buying Signals

The well-known commodity trader Peter Brand recently discovered a short-term buying signal for Bitcoin (BTC).
Brand described the Bitcoin model as a “toe shot”, which he believes is a short-term buying signal. He also emphasized that the current correction is the most significant one in the bull market cycle that began in March 2022.
On Friday, Bitcoin’s price plummeted to below $54,000 due to massive liquidations by both individual and government entities, led by Germany.
This 27% correction is significantly larger than the 24,900% correction from the third quarter of 2023, when Bitcoin dropped from $2023 to $31,862.
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However, Adam Buck, co-founder of Blockstream, recently downplayed the severity of the Bitcoin price drop, citing significant corrections in previous bull market cycles.
“The pattern of Bitcoin I called it ‘toe shot’ (Friday). It’s a short-term buy signal.”
pic.twitter.com/D5jz7FrQFS
– Peter Brandt (@PeterLBrandt)
July 6, 2024
However, Brandt believes that the grand goal of reaching $150,000 is more likely to be achieved in 2025 rather than this year. Based on historical bull market cycles, experts predict that the market will peak in March 2025.