A veteran trader is saying now might be a good time to buy Bitcoin, even though the price has been dropping lately.
Peter Brandt, a well-known trader who’s known for making accurate market predictions, sees a “buy signal” in Bitcoin’s recent dip. He’s looking at a technical indicator called the “foot shot pattern,” which has historically been a sign of upcoming price increases.
But not everyone is convinced.
The market is currently in a “fear” zone, with Bitcoin losing over 10% of its value in the past month. This has many people worried about a bigger correction.
Despite the fear, some big names are still bullish on Bitcoin.
Robert Kiyosaki, author of “Rich Dad Poor Dad,” is also buying more Bitcoin, seeing the dip as a good opportunity. He and Brandt both think the long-term potential of Bitcoin is worth the short-term volatility.
Brandt also sees a “Head and Shoulders” pattern on the Bitcoin chart, which is often a sign of a big price increase.
He compares this to the big run-up in gold prices in the past, suggesting that Bitcoin could be about to have a similar surge. Some predictions even say Bitcoin could reach $79,800 by August 6th!
It’s important to remember that the cryptocurrency market is super volatile.
Price predictions, especially short-term ones, are often wrong. And both Brandt and Kiyosaki are known for being bullish on Bitcoin, so their opinions might be biased.
So, should you buy Bitcoin now?
It’s up to you. But it’s always best to do your own research and make informed decisions.
