Trading veteran Peter Brandt says Bitcoin price can turn bullish under one condition - Aliens: AI Crypto News & Markets Updates












Trading veteran Peter Brandt says Bitcoin price can turn bullish under one condition

FX Street

Mon, Jun 27, 2022


Aliens TLDR

Bitcoin price witnessed a 70% drawdown from the cycle top, its ultimate bottom will be a ‘value zone’ for the asset.

Brandt believes Bitcoin could now recover from its 70% drawdown in the worst bear market for the leading crypto of all time.

Experts believe the current crypto bear market is the worst one ever recorded, as many Bitcoin traders are underwater and continue to sell at a loss.

Analysts at Glassnode consider Bitcoin price’s drop below its 200 EMA an indicator of a bear market.

As the Bitcoin price has plunged, net realized losses have been seen their worst performance in history.

Net realized profit/loss is a metric that calculates the net profit or loss for all Bitcoins spent over a time frame and is a reflection of the aggregate market sentiment, capital inflows or outflows and trends in network profitability.

Bitcoin net realized profit/ loss There have been two isolated events in the history of Bitcoin where spot prices traded under the realized price, defined as the value of all Bitcoins at the price they were bought, divided by the supply under circulation.

Bitcoin spot price rarely trade at a discount to the realized price, making it an uncommon event.

Bitcoin spot price trades at a discount to realized price Peter Brandt, legendary investor and CEO of Factor LLC, has identified a “big tell” in the Bitcoin chart.

Brandt has shared a Bitcoin market dominance chart where he concluded that a decisive close back above 50% would be a huge positive for the asset.

This chart could be the big “tell.” A decisive close back above 50% would be huge positive — Peter Brandt (@PeterLBrandt) $btc June 26, 2022 @venturefounder, a leading crypto analyst, has evaluated the Bitcoin price chart and metrics to predict a “value zone” for Bitcoin. June 27, 2022 CryptoBirb, a crypto analyst, told FXStreet that the Bitcoin price is at an inflection point where it could witness a trend reversal.

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