The leading cryptocurrency Bitcoin has started to recover after the sharp declines it experienced during the week. While BTC, which has risen above $ 58,000, gives bullish signals, investors are hesitant about whether the rise is fake or real.
At this point, a positive comment came from legendary analyst Peter Brandt.
Stating that Bitcoin's current trend is an upward trend and indicates a potential market recovery, Brandt called this pattern “foot shot”.
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
This comment came amid a significant market correction, according to the analyst, who said this pattern was a short-term buy signal.
Bitcoin Suffers Biggest Correction of Current Bull Cycle!
Because, in another analysis, Brandt said that the current correction in Bitcoin is the largest correction so far in the bull cycle that started after the lowest level of 2022.
According to the table shared by Brandt, the bull cycle in Bitcoin started on November 21, 2022.
Stating that BTC has experienced 6 corrections since November 2022, Brandt said that it has experienced approximately 27 corrections from its ATH of $ 73,800 on March 15, 2025, and that it is the biggest correction of the current bull cycle.
Current correction in Bitcoin is the largest so far in the bull cycle that began at the 2022 low $BTC pic.twitter.com/v2E7bJbYKi
— Peter Brandt (@PeterLBrandt) July 6, 2024
In an analysis he made in June, Peter Brandt predicted that Bitcoin could drop to $48,000.
Brandt had argued that a drop below the $60,000 level could cause Bitcoin to drop to $48,000. Although Brandt's prediction did not come true, BTC, which fell below $ 60,000, fell to $ 53,000 in a short time.
Bitcoin continues to trade at $57,630 at the time of writing.
*This is not investment advice.
