Veteran commodity trader Peter Brandt believes that institutions who got into Bitcoin earlier this year must be kicking themselves for making untimely bets.
The legendary chartist also points to the fact that Bitcoin’s resilience above the pivotal $30,000 level might be “a legitimate test” of how reliable on-chain analytics is.
Bitcoin has become increasingly vulnerable as of recently, with bears pushing the cryptocurrency to as low as $31,121 earlier today on the Bitstamp exchange.
Brandt’s chart points to a bearish rectangle, which typically signals the continuation of a downtrend.
I believe you are right.— Peter Brandt (@PeterLBrandt) July 15, 2021
What I find so interesting is that the institutional buyers who cryptobugs thought would take BTC to the moon now have a 50% loss, with many mad at themselves for every venturing into the space.
Billionaire Jeffrey Gundlach seems to be on the same page with Brandt. In a recent CNBC interview, he said that Bitcoin looked “pretty scary” based on its technical picture.
The American investor says that he wouldn’t want to personally own Bitcoin, slamming it a “proxy for speculation.”
He also added that there would be a buying opportunity below the $23,000 level.
Bitcoin is currently down 51 percent since Apr. 14.