Despite the massive liquidation of positions worth $2.2 billion and the price of Bitcoin falling to $91,231 on the Binance platform, veteran trader Peter Brandt believes that the market’s bullish trend is still intact, even if the price of Bitcoin drops below $80,000. Brandt, who has over 50 years of experience in financial markets, pointed out that fear and uncertainty may lead to the spread of ideas that claim the end of the bull market, stressing that the current price decline does not necessarily mean the entry of the bear market.
Brandt added that there is an unfilled gap in Bitcoin futures at the $75,000 level. From his point of view, even if the price reaches this level, the market may remain strong and able to recover. He explained that sharp corrections in the markets, such as the one occurring now, often precede new waves of rise, as the temporary decline helps to reshape the price base of the market, paving the way for further rises in the future.
On the other hand, analysts believe that this decline may represent an opportunity for a return to price accumulation, as investors who expect prices to rise later buy, which increases the possibility of a resumption of the rise again. Given this optimistic view, Brandt believes that what is happening now is just a natural correction in the bull market path and that the chances of the rise still exist, especially with the expected improvement in the future.
