Bitcoin

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<p lang="en-GB" xml:lang="en-GB">Old-school commodities trader who has been in the business since as early as the 1970s, <a href="https://u.today/3-crucial-facts-about-this-bitcoin-cycle-veteran-trader-peter-brandt" rel="noopener noreferrer nofollow">Peter Brandt</a>, has addressed his followers with quite a gloomy comment on the situation Bitcoin has found itself in by now.</p>
<p lang="en-GB" xml:lang="en-GB">It happened after the world’s biggest digital currency demonstrated a nearly 6% decline during the last 24 hours.</p>
<h2 id="peter-brandt-s-bitcoin-correction-comment">Peter Brandt's Bitcoin correction comment</h2>
<p lang="en-GB" xml:lang="en-GB">As Bitcoin plunged from the $56,500 zone to $53,200, Peter Brandt took to his profile on the X social media network (formerly known as Twitter) to grudgingly point out that the last time BTC had closed at that low a level was February 25 this year.</p>
<p lang="en-GB" xml:lang="en-GB">On a Bitcoin chart shared by the trader, which shows a full scale of the current BTC correction, one can see that digital gold has been going down more or less steadily since mid-March after it had reached an all-time high of $73,750.</p>
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 <p lang="en" dir="ltr">The last time Bitcoin closed lower than the present price was February 25, 2024. <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> There are two dimensions to drawdowns - price and durationProlonged corrections can cause more emotional damage than can steep corrections <a href="https://t.co/IVwEx2PHic" rel="noopener noreferrer nofollow">pic.twitter.com/IVwEx2PHic</a></p>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1832148731614933208?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 6, 2024</a>
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<p lang="en-GB" xml:lang="en-GB">Since that historic peak, Bitcoin has by now declined by 26.39%. Sometimes it has been showing small recoveries but if one zooms out on a chart, one can still see that BTC has been headed downwards for more than half a year now. That has not been a steep but rather a prolonged correction for BTC.</p>
<p lang="en-GB" xml:lang="en-GB">Brandt pointed out that “there are two dimensions to drawdowns – price and duration.” It is the duration factor that is being stronger now and, as Peter Brandt notices in his tweet: “Prolonged corrections can cause more emotional damage than can steep corrections.”</p>
<h2 id="selling-is-stronger-than-buying-here-peter-brandt">"Selling is stronger than buying here": Peter Brandt</h2>
<p lang="en-GB" xml:lang="en-GB">Earlier, Brandt <a href="https://u.today/bear-market-confirmed-trading-legend-peter-brandt-shares-must-see-bitcoin-price-prediction" rel="noopener noreferrer nofollow">published a Bitcoin chart</a>, showing an important pattern forming on it. That pattern is called “an inverted expanding triangle” or “a megaphone”, the trader explained.</p>
<p lang="en-GB" xml:lang="en-GB">The test of its lower boundary for Bitcoin, he said, would be approximately $46,000. The only thing now that can reverse BTC and “get the bull market back on track”, according to Brandt, is “a massive thrust into new ATHs.”</p>
<p lang="en-GB" xml:lang="en-GB">Otherwise, the chartist stated, “Selling is stronger than buying in this pattern.”</p>
<h2 id="samson-mow-defies-further-btc-decline-prospect">Samson Mow defies further BTC decline prospect</h2>
<p lang="en-GB" xml:lang="en-GB">Samson Mow seems to be on the opposite opinion here. He stated that “everyone that thinks #Bitcoin will go lower is wrong.”</p>
<p lang="en-GB" xml:lang="en-GB">Mow expects an “Omega candle” to arrive soon, stating that its emergence “signifies the end of accumulation phase” for BTC.</p>
<blockquote>
 <p lang="en" dir="ltr">Everyone that thinks <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> will go lower is wrong.</p>— Samson Mow (@Excellion) <a href="https://twitter.com/Excellion/status/1832264480383779043?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 7, 2024</a>
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Legendary Trader Peter Brandt Makes Important Bitcoin Correction Statement

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