Published: 28.03.2022
Article reading time:
1 minute.
A well-known cryptocurrency analyst and trader believes that the “bullish trend” in the market will continue, but right now the market “needs to take a break.”
Peter Brandt, in an interview with StockCharts, noted that the volatility of the first cryptocurrency has decreased somewhat and that this often happens after periods of strong growth or decline.
“You know, bitcoin trades in a very wide range. Historically, we are still in a bullish trend. I have been trading on exchanges for 47 years and have never seen an asset like bitcoin. I think BTC is currently trading in a certain range because from the bottom reached in March 2020 to April 2021, the market has grown 17 times. What we are seeing now is just a small respite,” said Peter Brandt.
The analyst is sure that one day bitcoin will continue to grow and it will be a rapid growth. But now the market has “somewhat stalled” and may even decline significantly:
“Bitcoin may again start to fall to the lower border. Somewhere up to $28,000 and possibly briefly, even lower, on panic selling. But in the long run, BTC should rise, the trend is still bullish, and the trend is your friend.”
Recall that on the night of Monday, March 28, the rate of the first cryptocurrency increased by 4.9% and exceeded $47,000. Now bitcoin is trading at $47,200, the BTC rate has grown by 15% over the past week.
Source: Bits
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