The post Wall Street Wizard Sees Major Bitcoin ‘Buy Signal” appeared on BitcoinEthereumNews.com.

Veteran trader Peter Brandt has ignited a spark of hope among Bitcoin enthusiasts, identifying a potential buying opportunity amidst the cryptocurrency’s recent price slump. Brandt, known for his uncanny ability to predict market movements, believes a short-term buying signal is emerging despite the coin hovering precariously near support levels. However, whispers of caution linger as market volatility continues to cast a shadow over the digital asset. Foot Shot Pattern: A Sign Of Weakness Or Hidden Strength? Brandt’s analysis hinges on a technical indicator known as the “foot shot pattern,” which historically has preceded price increases. This bullish interpretation stands in stark contrast to the current market sentiment, which is decidedly bearish. The pattern in Bitcoin is something I call a foot shot (Friday). This is a buy signal short term. pic.twitter.com/D5jz7FrQFS — Peter Brandt (@PeterLBrandt) July 6, 2024 The Fear and Greed Index, a popular gauge of investor sentiment, currently sits at a lowly 29, firmly within the “Fear” zone. Adding fuel to the fire, Bitcoin has shed over 10% of its value in the past month, raising concerns of a deeper correction. Source: Alernative.me Finding Opportunity In The Maelstrom Undeterred by the current market jitters, Brandt joins a growing chorus of prominent figures advocating for Bitcoin. Robert Kiyosaki, author of the best-selling personal finance book “Rich Dad Poor Dad,” recently revealed his intention to buy more Bitcoin, viewing the price dip as a golden opportunity. This sentiment aligns with Brandt’s prediction of a potential price drop to $48,000 before a significant reversal. Both men believe the long-term potential of Bitcoin outweighs the short-term volatility. Bitcoin is now trading at $57,613. Chart: TradingView Head And Shoulders Pattern Hints At Big Move Beyond the immediate price gyrations, Brandt’s analysis delves into the future trajectory of Bitcoin. He identifies an “Inverse Head…

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Filed under: News - @ July 7, 2024 4:06 pm