{"id":13649,"date":"2022-08-21T22:27:48","date_gmt":"2022-08-21T22:27:48","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/peter-brandt-points-to-potential-bitcoin-bottom\/"},"modified":"2022-08-21T22:27:48","modified_gmt":"2022-08-21T22:27:48","slug":"peter-brandt-points-to-potential-bitcoin-bottom","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/peter-brandt-points-to-potential-bitcoin-bottom\/","title":{"rendered":"Peter Brandt points to potential Bitcoin bottom"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<ul>\n<li style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt\"><em><strong>Bitcoin looks to have reached levels similar to those hit before a bounce in July, veteran trader and analyst Peter Brandt says.\u00a0<\/strong><\/em><\/li>\n<li style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt\"><em><strong>However, with risk-off sentiment largely intact, he notes it might not be time to flip so bullish.<\/strong><\/em><\/li>\n<li style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt\"><strong><em>BTC\/USD was trading near $21,400 at the time of writing.<\/em><\/strong><\/li>\n<\/ul>\n<p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt\">Bitcoin price is about 1.2% up in the past 24 hours at the time of writing, trading above $21,400 as bulls look to push higher.<\/p>\n<p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt\">The slight gains on the daily chart have two small green candles after six consecutive red ones.<\/p>\n<p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt\">However, with the broader market largely undecided, the bellwether cryptocurrency is still vulnerable to the sell-off that pushed BTC\/USD from highs above $25,000 last week.<\/p>\n<div class=\"fr-img-space-wrap\"><span class=\"fr-img-caption fr-fic fr-dib fr-fil\" style=\"width: 600px\"><span class=\"fr-img-wrap\"><span class=\"fr-inner\"><em>Chart showing BTCUSD price movement and key levels. Source:\u00a0<\/em><a href=\"https:\/\/www.tradingview.com\/x\/dxCcQhQT\/\" rel=\"noopener noreferrer\" target=\"_blank\"><em>TradingView<\/em><\/a><\/span><\/span><\/span><\/div>\n<h2 style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt\">Ascending wedge targets: what\u2019s next for BTC?<\/h2>\n<p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt\">On Friday, BTC price fell nearly 10% as the broader risk assets market sank on news the US Federal Reserve was intent on maintaining a hawkish approach despite data suggesting a slowing inflation.<\/p>\n<p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt\">The risk-off sentiment saw Bitcoin hit its lowest price level in over three weeks ($20.760 on Coinbase, with the pair down nearly 12% this week). Here\u2019s what legendary trader Peter Brandt says about the BTC price movement:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">For all practical purposes the target of the rising wedge in Bitcoin <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> has already been met. That is not a reason per se to be bullish and it does not mean BTC cannot go lower yet <a href=\"https:\/\/t.co\/fB3sGa9e6o\">pic.twitter.com\/fB3sGa9e6o<\/a><\/p>\n<p>\u2014 Peter Brandt (@PeterLBrandt) <a href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/1561004624093626373?ref_src=twsrc%5Etfw\">August 20, 2022<\/a><\/p>\n<\/blockquote>\n<p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt\">The benchmark cryptocurrency is therefore poised at key downside targets, Brandt said as pointed to a chart indicating a breakdown from an ascending wedge.<\/p>\n<p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt\">It\u2019s possible for some bounce from here if bulls hold support, but more pain is likely if the demand reload zone breaks, a scenario crypto analyst Michael van de Poppe also highlights in the <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1561063835435417601\" rel=\"noopener noreferrer\" target=\"_blank\">tweet<\/a> below.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">If we continue to drop, it&#8217;s important to keep an eye on the $19.3K level for <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> and probably $1,400 area for <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\">#Ethereum<\/a>. <\/p>\n<p>Buyers should regularly step in around those zones.<\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1561063835435417601?ref_src=twsrc%5Etfw\">August 20, 2022<\/a><\/p>\n<\/blockquote>\n<p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt\">The last major breakdown below $20,000 saw BTC\/USD fall to lows around $17,600.<\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/bitcoin-price-peter-brandt-suggests-possible-bottom-for-btc\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Bitcoin looks to have reached levels similar to those hit before a bounce in July, veteran trader and analyst Peter Brandt says.\u00a0 However, with risk-off sentiment largely intact, he notes it might not be time to flip so bullish. BTC\/USD was trading near [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":13650,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13649"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=13649"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13649\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/13650"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=13649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=13649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=13649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}