After a tumultuous start to the year, in which Bitcoin lost for the third month in a row, investors' concerns appear to be subsiding, as the world's largest cryptocurrency stabilised around the $35k to $38k region.
Peter Brandt, a veteran trader who knows how to trade Bitcoin and famous market analyst, now feels that Bitcoin's sentiment has become "too pessimistic," and that, despite all chances, Bitcoin might now embark on a price rebound. With this in mind, it could be a good time to be investing in cryptocurrency
Fear, according to Brandt, has been a big factor in keeping Bitcoin from attracting more investment. However, the seasoned trader feels that these circumstances might serve as a springboard for Bitcoin's price to rise. Despite sharing a weekly chart illustrating the emergence of a negative channel for Bitcoin, analyst Brandt has advised traders to go against the crowd.
When bulls had laser eyes, Brandt added, that meant it was a good moment to sell bitcoin. Many of those bulls have now become bearish, and Brandt believes this is a hint that now is a good time to purchase Bitcoin.