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Market Bottomed Yesterday: Legendary Trader Peter Brandt

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Thu, 05/20/2021 - 13:33
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Alex Dovbnya
With Bitcoin steadying above $40,000, Peter Brandt says that the bottom is in sight
Market Bottomed Yesterday: Legendary Trader Peter Brandt
Cover image via www.peterlbrandt.com
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Veteran trader Peter Brandt believes that the market has already bottomed, according to his recent tweet.

Brandt
Image by twitter.com

Bitcoin is currently up over 40 percent off its May 19 low of $30,000, currently trading at $42,018 on the Coinbase exchange.

TV
Image by tradingview.com

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.

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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.

Fear
Image by alternative.me

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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.