Peter Brandt, a well-known commodity trader, recently stated that he had spotted a short-term Bitcoin buy signal.
"The pattern in Bitcoin is something I call a foot shot (Friday). This is a buy signal short term," Brandt wrote on his X social media account.
The pattern in Bitcoin is something I call a foot shot (Friday). This is a buy signal short term. pic.twitter.com/D5jz7FrQFS
— Peter Brandt (@PeterLBrandt) July 6, 2024
The commodity trader has also noted that the current correction is the largest correction so far during the ongoing bullish cycle that started in December 2022.
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On Friday, the largest cryptocurrency plunged to as low as $53,917 due to the double-whammy of massive Mt. Gox repayments and significant government liquidations. The massive drop marked a 27% correction. This is significantly larger than the 21.9% correction that Bitcoin recorded in the third quarter of 2023 when the crypto king retraced from a local peak of $31,862 all the way to $24,900.
As reported by U.Today, Blockstream co-founder Adam Back recently dismissed the severity of a recent Bitcoin price drawdown by pointing to previous bull cycles that had their fair share of substantial price corrections.
Brandt previously stated that the price of Bitcoin could end up soaring to as high as $150,000 during this cycle. This price target has also been repeatedly mentioned by Fundstrat's Tom Lee. However, Brandt is convinced that such a pie-in-the-sky target would be achievable only in 2025 instead of this year.
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Based on previous bull cycles, Brandt believes that the market is going to reach a top in August 2025.
According to CoinGecko data, the largest cryptocurrency is currently trading at $57,478 after bulls managed to regain some ground.