Veteran trader still has a lot of hope for Bitcoin, despite plunge below $16,000
The savvy trader who is ready to do almost anything in the cryptocurrency market is concerned about the direction in which the digital asset will start moving in the near future due to this unpleasant situation. fact,
Brandt’s biggest concern right now is the fact that no previous bear phase has taken prices below the high of the previous bull phase until now. This fact could be “a game changer.” Bitcoin has, in fact, shown us performance the market has not really seen before.
Brandt is referring to the fact that the first cryptocurrency fell below the $21,000 price level, which was Bulleron’s ATH in 2017 and was believed to be an unbreakable support level for the first cryptocurrency. Unfortunately, the massive outflow of funds from the industry pushed the price of the first cryptocurrency below $19,000, giving BTC a four-year return of 0%.
However, the veteran trader is wrong. Bitcoin has already plunged below its previous ATH and then successfully moved upward. The same condition appeared on the market back in 2015, when Bitcoin dropped by more than 40% from its previous all-time high.
During the fall in 2015, BTC reached a price level of $150, trading at $259 in April 2013. If bitcoin repeats the same pattern, its price should reach the $11,300 level and then enter a consolidation that will act as an accumulation period. for investors.
Prior to making a note about previously unseen market conditions, Brandt has shown eye-catching statistics about the most recent plunge below $16,000, saying that it is not the toughest plunge BTC has ever seen.
