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Highlights
- Peter Brandt has identified a "foot shot" pattern in Bitcoin trend
- The expert says this is a buy signal in hopes of long term hold
- Bitcoin is in a delicate spot after a week-long price surge and uncertainty
Renowned market trader Peter Brandt has spotted a crucial level in Bitcoin’s (BTC) current market pattern.
Buy Bitcoin as Price Falls
The legendary trader described the recent pattern of the leading cryptocurrency as a “foot shot.” For context, he suggested the coin is exhibiting a short-term buy signal.
The pattern in Bitcoin is something I call a foot shot (Friday). This is a buy signal short term. pic.twitter.com/D5jz7FrQFS
— Peter Brandt (@PeterLBrandt) July 6, 2024
By his X post, Brandt, like Robert Kiyosaki, is encouraging Bitcoin enthusiasts to take advantage of the current BTC price dip. In his case, the author of “Rich Dad Poor Dad” informed his followers that he was waiting to buy more BTC. This was around the time when Bitcoin was still trading at about $60,000.
Noteworthy, Kiyosaki does not overlook the current volatility of the crypto market, rather he perceived it as an opportunity in disguise.
Kiyosaki’s statement suggests that he was waiting for the coin to see further plunge before investing his funds again. The serial entrepreneur is one of those who believed that Bitcoin has not registered all the “highs” that it should. Therefore, this sentiment has fueled his encouragement to investors as he reminds them that “profit is made when you buy Not when you sell.”
Asking investors to buy Bitcoin at a time when its market value is gradually falling below support level is bold. It reflects Brandt’s and Kiyosaki’s confidence and optimistic view about what Bitcoin is capable of achieving once it makes a reversal.
A Rally Could be the End of Bitcoin’s Current Volatility
On one hand, Brandt expected that BTC price could plummet reasonably this season. In mid-June, the veteran trader cautioned that the cryptocurrency could slip to $48,000. He was quite certain that the dip could happen if Bitcoin fails to sustain critical support levels. Hence, a plunge below the $60,000 level might see Bitcoin fall to $48,000, Brandt shared on X.
As a seasoned trader who knows that the market can go sideways, Brandt also noted the possibility for Bitcoin to face an uptrend. On this premise, he compared the future outlook of gold to that of Bitcoin. The crypto expert focused on the “Inverse Head and Shoulders” pattern on the BTC price chart.
After analyzing the chart, Brandt came to the conclusion that we could be witnessing the beginning of a big move that could resemble gold in the periods of major market up swings.
In the long run, a Bitcoin rally may really be closer than expected. At the time of this writing, the coin was trading at $58,121.08 with a 3.14% increase within the last 24 hours.
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