According to U.Today, renowned commodity trader Peter Brandt recently identified a short-term buy signal for Bitcoin. Brandt shared this insight on his social media account, referring to the pattern as a 'foot shot (Friday)'. He also noted that the current correction in Bitcoin's value is the largest so far in the ongoing bullish cycle that began in December 2022.
On Friday, Bitcoin, the largest cryptocurrency, experienced a significant drop to as low as $53,917. This was attributed to the combined impact of substantial Mt. Gox repayments and significant government liquidations. This marked a 27% correction, which is notably larger than the 21.9% correction Bitcoin experienced in the third quarter of 2023 when it retraced from a local peak of $31,862 to $24,900.
Blockstream co-founder Adam Back recently downplayed the severity of the recent Bitcoin price drop, citing previous bull cycles that also saw significant price corrections. Brandt has previously suggested that Bitcoin's price could reach as high as $150,000 during this cycle, a prediction also made by Fundstrat's Tom Lee. However, Brandt believes that such a high target would only be achievable in 2025, not this year.
Drawing from previous bull cycles, Brandt anticipates the market will peak in August 2025. As per CoinGecko data, Bitcoin is currently trading at $57,478 after bulls managed to recover some ground.