The market is showing bearish trends for a very long now fallen down to approx 48%, and the top cryptocurrency Bitcoin have performed even worse
- Around november last year, global crypto market surged up to $3 trillion but its currently trading at $1.68 trillion
- At the same time top cryptocurrencies like Bitcoin traded over $68k and ETH at $4.8k but at present both of them are trading almost half of their all time high.
Former expert trader Peter Brandt recently tweeted describing that it’s the time to buy bitcoin. Amidst the market showing a bearish trend for a very long time now, Peter thinks that it had surged down enough and now it’s the time it would bounce back to upward direction.
According to contrarian investing principles, when the market is fearful then it’s time to buy assets. In short it tells one to take a bullish approach while the market is showing bearish behavior. It seems like Peter is suggesting the same to follow.
I find it fascinating that many (not all) on social media who wore laser eyes in Mar/Apr and predicted a rocket shot
When bulls wear laser eyes — time to SELL
When bulls become bears — time to BUY???? pic.twitter.com/ytchaFLDfN— Peter Brandt (@PeterLBrandt) January 30, 2022
In his tweet, attaching a chart showing the continuous down surge of Bitcoin, Peter asked if bulls wear laser eyes that it’s time to sell but if the bulls turn out to bear, is it the time to buy? The Veteran trader wanted to persuade that however cryptocurrency is showing a bearish trend for the short term but it will more likely to move upwards if bulls enter the market and penetrate the upper trend.
Cryptocurrencies’ bearish trend, along with the Bitcoin
There is nothing new in cryptocurrencies showing ups and down behavior, but it has been a long time since November 2021 till January 2022 end. Still, the crypto and global stock markets are showing bearish behavior for various obvious reasons.
Issues like Covid’s Omicron variant, Russia-Ukraine tension, FED interest rates hikes, Bitcoin mining operations interruption in Kazakhstan, etc., are many international factors affecting market sentiments. Bitcoin has already shown a considerable loss, and that too for a very long time. Still, if it continues to behave this way until February, it would be flagship cryptocurrency’s longest losing streak after 2019.
Source: https://www.thecoinrepublic.com/2022/10/05/former-trader-suggested-to-go-against-the-wind-and-invest-in-crypto/