Analysts Peter Brandt And Alex Krüger Believe That Bitcoin Bottom Is In
Veteran trader Peter Brandt is looking into the capitulation history of Bitcoin to understand if the leading digital asset has shaken off weak hands to bottom out. Fellow analyst Alex Krüger shares this view.
Brandt shared with his 602K followers on Twitter that large volume expansions during a deep correction is usually an indicator that BTC will soon to resume its uptrend.
“Implications of volume.
Key bottoms in BTC have occurred with high volume panic capitulation.
That has (yet???) to happen.
Thoughts???”
Implications of volume
Key bottoms in $BTC have occurred with high volume panic capitulation
Looking at analyst’s chart above, large-volume drawdowns have called the bottom for Bitcoin during the February 2018, November 2018, March 2020 and May 2021 corrections.
Brandt also points out that while Bitcoin might not to print a capitulation volume this time around in order to bottom out, he’s still looking at volume to expand in order to sustain Bitcoin’s uptrend.
Crypto analyst and economist Alex Krüger, also believes that Bitcoin has bottomed out, based on bearish market structure.
“BTC chart looks horrible, but charts always look horrible around the bottom. This is how the mind of many trying to time the bottom works: they are now thinking ‘chart heavy, $42,000 should trade again.’
But a push >$50,000, which is very close, will have them thinking ‘bottom is in.’”
