Longtime analyst and trader Peter Brandt examines the surrender history of Bitcointo see if the crypto king washed out enough weak hands to mark a floor.
Brandt tells his 601,900 Twitter followers that massive volume increases during a deep correction often suggest that BTC is about to resume its uptrend.
“Volume implications. Important lows at BTC have occurred with large-volume panic surrender.
That (still ???) has to happen. “
Source: Peter Brandt / Twitter
Looking at Brandt’s chart, large volume drawdowns marked the bottom for BTC during corrections in February 2018, November 2018, March 2020 and May 2021.
Brandt also says that while it is possible for Bitcoin not to print a surrender volume this time around to create a bottom, he is still looking for a volume to expand in order to maintain Bitcoin’s uptrend.
Meanwhile, colleague and economist Alex Krüger believes that Bitcoin’s declining market structure suggests that royal crypto has already bottomed out.
“BTC charts look awful, but charts always look awful at the bottom. This is how the minds of many trying to pinpoint the bottom work: They are now thinking, “Chart heavy, $ 42,000 should be trading again”.
But a push of> $ 50,000, which comes very close, will make them think that the bottom has been reached. “
Source: Alex Krüger / Twitter
Kruger also says that Bitcoin has a “very high” chance of recapturing $ 50,000 in the coming days.
Bitcoin is currently trading at $ 48,512, up 3.79% over the past 24 hours.
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Source: Crypto News Deutsch