Legendary trader Peter Brandt has shared his take on Bitcoin’s current price action, suggesting that the largest cryptocurrency is yet to reach the bottom of the correction due to infinitesimal trading volume.
Implications of volume— Peter Brandt (@PeterLBrandt) December 20, 2021
Key bottoms in $BTC have occurred with high volume panic capitulation
That has (yet???) to happen
The slow bleed suggests that there’s more pain to come before bulls will regain control of the market.
Brandt notes that key bottoms have taken place with panic capitulation characterized by strong selling volume.
On-chain analyst Willy Woo says that there’s no signs of sell-off, pointing to strong holder sentiment. He claims that the market is currently in a consolidation phase.
In response to one of his followers, Brandt agreed that huge sell-offs do not necessarily have to occur in the middle of a bull-market cycle, but he expects to see expanded volume on bullish advances.
Earlier this month, the veteran chartist urged traders to pay attention to the bearish double top formation, but he also made it clear that the pattern was yet to be confirmed.
Another month in the red
Bitcoin started the last month of the year with a major sell-off. The largest cryptocurrency plunged to as low as $42,000 and then started a streak of range-bound trading, with bulls failing to regain the $50,000 level.
The top coin is now trading at the $46,500 level on major spot exchanges.
As reported by U.Today, Galaxy Digital CEO Mike Novogratz said that expected the bearish trend to continue well into 2022 due to weakness in the U.S. stock market. However, he remains bullish on the crypto king in the long term.