After a turbulent start to the year, driving to complete its third consecutive month of losses, the worries of investors seem to be cooling off, as the world’s largest crypto consolidates between the $35k and $38k range.

Veteran trader and renowned market analyst Peter Brandt now believes that Bitcoin’s sentiment has become too bearish, opening that Bitcoin could go on a price rally against all odds.

Bitcoin might just be the right time to purchase

Brandt says that Bitcoin has not been receiving investment because of fear. The veteran trader thinks that this could make Bitcoin more expensive.

Brandt tweeted;

It is fascinating to see that people on social media, not just those who had laser eyes in March/Apr but also predicted that a rocket shot would be for $BTC in Nov are now predicting that it will break the $30k mark. When bulls don’t wear them — it is time to SELL. pic.twitter.com/ytchaFLDfN

— Peter Brandt (@PeterLBrandt) January 30, 2022

Although the analyst provided a weekly chart showing Bitcoin in a bearish channel on the week, he encouraged traders to ignore the trend.

Brandt said that the laser eyes worn by bulls meant it was time to sell bitcoin. Peter Brandt suggests that the time might be right to invest in Bitcoin, now that many bulls are becoming bears.

Flipside

• Scott Melker, a popular crypto trader and critic of Brandt explains that Bitcoin won’t turn bullishThe $39,000 threshold will be maintained until closing.

What You Need to Care About

Bitcoin needs a significant boost in order to avoid its longest losing streak, which could end as early 2019

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