While the Bitcoin (BTC) price has been fluctuating lately, well-known names in the market are giving different signals. Along with optimistic approaches, cautious voices are also rising. So, is it the right time to invest in Bitcoin?
Is there a buying opportunity on the horizon?
Experienced market player Peter Brandt stated that Bitcoin marked an important level in price movements. In his post shared on his social media account, Brandt emphasized that a formation that he called "foot shot" has formed in Bitcoin and that this is a short-term buying signal. These statements mobilized investors.
Brandt's approach also coincides with the previous statements of Robert Kiyosaki, one of the important names in the investment world. Kiyosaki, the author of the book "Rich Dad Poor Dad", stated that he wanted to turn the decline in Bitcoin price into an opportunity and that he thought Bitcoin had not yet fully revealed its potential. Kiyosaki, who is not afraid of the volatility of the market, calls on investors to take action with the words "Profit is obtained when buying, not when selling."
However, Brandt also predicts that the Bitcoin price may drop significantly during this period. The experienced trader stated that Bitcoin could drop to $48,000 in mid-June. Brandt argues that this decline may occur if Bitcoin cannot maintain critical support levels.
Bitcoin warning from experts
Brandt also predicts that the market may move horizontally, comparing Bitcoin with gold and drawing attention to the "reverse head and shoulders" formation on the Bitcoin price chart. After analyzing the chart, Brandt states that we may be in the beginning stages of a movement in Bitcoin similar to the big bullish periods in the gold market.
In addition to optimistic voices such as Brandt and Kiyosaki, there are also cautious approaches in the market. Peter Brandt states that the decline in Bitcoin is the largest correction seen so far in the upward cycle that has been continuing since December 2022. Last Friday, Bitcoin hit Mt. It fell to $53,917 due to large refunds from Gox and significant government sales. This sharp decline marks a 27% correction, a larger decline than the 21.9% correction Bitcoin experienced in the third quarter of 2023.
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