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Veteran trader Peter Brandt has suggested that it could be time to buy Bitcoin in his recent tweet.
Brandt has opined that market sentiment has become too bearish, which is why he believes that the cryptocurrency is likely going higher.
Buying assets when the market is fearful is one of the most popular principles of contrarian investing.
He also attached a price chart that shows Bitcoin forming a descending channel on the weekly chart. Even though such patterns are considered to be bearish in the short-term, the flagship cryptocurrency will likely see more upside if bulls penetrate the upper trend line.
In his tweet, Brandt has reiterated that Bitcoin editing their pictures to add laser eyes was a tell-tale sign of the market’s top.
A bearish streak
The flagship cryptocurrency peaked at $69,000 in November and has since tanked more than 50%.
After several failed attempts to find footing above the $38,000 support level, Bitcoin has once again dipped below $37,000.
In a recent tweet, popular cryptocurrency trader Scott Melker claims that he won’t turn bullish on Bitcoin until there’s a weekly close above the $39,600 level. He has noted that the flagship cryptocurrency hasn’t had two bullish candles in a row on the weekly chart in months.
$BTC Weekly
— The Wolf Of All Streets (@scottmelker) January 31, 2022
Pretty hammer candle (or high wave spinning top, choose).
Strong volume, long wick into demand.
Not really bullish until >$39,600.
Have not had consecutive green wks in months, need confirmation. 2 weeks ago was a "bullish candle" as well, didn't work out. pic.twitter.com/HlI8XI6RO2
Bitcoin is also on track to log its third consecutive month of losses, which hasn’t happened since June 2021. If the top coin were to finish February in the read, it would mark the cryptocurrency’s longest losing streak since early 2019.
Vladislav Sopov