While waiting for critical inflation data from the USA, BTC fell below $ 27,000 after the PPI figures and FED minutes were announced yesterday.
While investors were worried about a decline following the inflation data, experienced analyst Peter Brandt issued a warning to Bitcoin bulls.
Comparing Bitcoin's price movements with traditional store of value assets such as gold and Swiss franc, Brandt said that BTC does not present a worrying scenario compared to these assets, according to U Today.
Although BTC is in a better position among other assets, the famous analyst pointed out that investors should be cautious in the face of chaos and volatility in the cryptocurrency industry.
At this point, analyst Brandt stated that Bitcoin bulls should not remain indifferent to the current market dynamics and said, “It may not be the wisest stance for BTC bulls to remain indifferent.” said.
Comparing Bitcoin with Swiss franc and gold, the analyst said that BTC showed resilience by successfully testing the support level against the Swiss franc twice; Similarly, he noted that compared to gold, BTC has been trending positively since the end of 2022.
Despite Bitcoin's positive signs against the Swiss Franc and gold, Brandt said there could be potential short-term traps in the form of a head and shoulders pattern emerging on the charts.
With this analysis, Brandt warns Bitcoin bulls that although Bitcoin shows positive signs, there may not be a sudden and significant increase in its price, and says that investors should be alert and act accordingly.
Bitcoin as expressed against two other "store of value" assets — Gold (weekly) and Swiss Franc (daily)
I could be reading sentiment wrong, but it seems to me that Bitcoin bulls are very complacent thinking that next big move will be moon shot $BTC $USDCHF $GC_F pic.twitter.com/iW8HwBCyJS— Peter Brandt (@PeterLBrandt) October 11, 2023
*This is not investment advice.
