[Legendary trader Peter Brandt issues important Bitcoin correction statement]
Veteran commodities trader Peter Brandt recently issued a pessimistic view on Bitcoin’s performance. He noted that Bitcoin has fallen 26.39% since its all-time high of $73,750 in March and is exhibiting a prolonged correction. Brandt believes that Bitcoin’s drop from $56,500 to $53,200 shows that a sustained correction can do more emotional harm to investors than a sharp collapse.
Brandt mentioned the "inverted expanding function triangle" pattern and pointed out that if Bitcoin fails to push to new all-time highs, selling pressure will continue to be stronger than buying. According to his analysis, Bitcoin may test support at $46,000, barring a significant rebound.
At the same time, Samson Mow holds the opposite view, believing that the market will soon usher in an "Omega Candle", which symbolizes the end of Bitcoin's accumulation phase and heralds a future rebound.
