Veteran trader Peter Brandt believes that the market has already bottomed, according to his recent tweet.
Bitcoin is currently up over 40 percent off its May 19 low of $30,000, currently trading at $42,018 on the Coinbase exchange.
As reported by U.Today, Brandt tweeted a market top warning to more than 510,000 followers right on the verge of the big crash.
In early May, the chartist also claimed that the industry would face a "come to Jesus" correction.
All-consuming fear
The Crypto Fear and Greed Index, which gauged market sentiment based on volatility, momentum, social media activity and Bitcoin's market share, has now plunged to a new low 2021 low of 11.
This is just three points higher than the reading the indicator showed on March 17, 2020, when the market was reeling from the pandemic-induced crash.
Historically, the market tends to bottom out when the fear becomes that pervasive.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.