A well-known cryptocurrency analyst and trader believes that the “bullish trend” in the market will continue, but right now the market “needs a break.
Peter Brandt, in an interview with StockCharts, noted that the volatility of the first cryptocurrency has decreased somewhat and that this is often the case after periods of strong growth or decline.
“You know, bitcoin trades in a very wide range. Historically, we’re still in a bullish trend. I’ve been trading exchanges for 47 years and I’ve never seen an asset like Bitcoin. I think BTC is trading in a certain range right now because from the bottom reached in March 2020 to April 2021, the market has risen 17 times. What we’re seeing now is just a little respite”, Brandt said.
The analyst is sure that one day Bitcoin will continue to grow and it will be exactly the rapid growth. But now the market is “somewhat stalled” and may even noticeably decline:
“Bitcoin may start to fall to the lower boundary again. Somewhere up to $28,000 and maybe, briefly, even lower, on panic sales. But in the long run BTC should rise, the trend is still bullish and the trend is your friend”.
Recall that on the night of Monday, March 28, the first cryptocurrency rose 4.9% to over $47,000. Now Bitcoin is trading at $47,600, the BTC exchange rate is up 15% over the last week.