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Veteran trader Peter Brandt He recently raised a key question that could shape the next step for Bitcoin. In a tweet, Brandt hinted at a potential shakeout in the Bitcoin market, implying that a final “dump” or extended period of sideways trading may occur before a major rally.
“The big question on my mind is whether Bitcoin will have another dump (or more prolonged congestion) before pumping. Remember, markets generally don't get bad until retail traders get tired,” Brandt said. books.
A seasoned trader's use of the phrase "congestive cut" may indicate a phase of range trading in which prices oscillate within a narrow range, frustrating both bulls and bears.
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Will Bitcoin face another “dump” or prolonged consolidation before the next big pump? According to Brandt, the answer lies in the behavior of retailers.
According to Brandt, markets only "get worse" if retail participants run out of patience. In the coming days, all eyes will be on where Bitcoin trends next as well as the behavior of retail traders. If the answer to Brandt's question is yes, this could mean that Bitcoin's next big rally could be just around the corner — but only after more pain.
Bitcoin price movement
Cryptocurrency markets fell sharply last week; Bitcoin It dropped from nearly $102,735 on Tuesday to $91,187 at some point on Thursday. Major altcoins suffered larger declines on a percentage basis.
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Bitcoin rebounded to highs of $95,862 on Friday, which is close to where it is currently consolidating. At the time of writing, Bitcoin is up 0.26% over the past 24 hours, reaching $94,639. Since Saturday, Bitcoin's price has moved in a narrow range from $93,670 to $94,983.
While expectations remain about the price of Bitcoin, says Bitcoin analyst Willie Wu It warned cryptocurrency market participants to be cautious in the coming months, with more profit-taking expected in the near term.
“Risks are peaking for the first time this cycle, there is a lot of gain in shorted coins and a lot of profit taking before we properly reset,” Woo wrote in a recent X post, noting that Bitcoin sentiment nonetheless appears to be... “Very bullish,” and market participants should choose a “more cautious approach” in the coming months.
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