 
 
Prominent finance figure and Bitcoin proponent Peter Brandt has disclosed that a major barrier has placed the leading cryptocurrency Bitcoin in a danger zone. Although he maintains a neutral position on the asset, he explains why Bitcoin needs to remain above a certain price level to contain risks.
Peter Brandt, known for his Bitcoin price predictions, has taken to X to share notable insights on the state of the Bitcoin market with his 807,000 X followers.
In the post, Brandt stated that a huge sell order was recorded in the crypto market over the last weekend. He asserts that although market participants downplayed its significance, the sell order reflected a portion of Bitcoin’s supply.
“Most of you crypto nerds know about the huge sell order that came into the $BTC market over the weekend. Some of you discount it as unimportant. I am not so quick to judge that. It represents SUPPLY.” He wrote.
The Bitcoin proponent further explained that supply and distribution are significant factors that contribute to creating peaks in the crypto market. As such, the big bull aims to minimize the risk of volatility. The analyst’s solution is simple; Bitcoin bulls must maintain momentum above the $117,570 price mark to mitigate losses.
 
As Brandt wrote;
“Tops in markets are created by SUPPLY or DISTRIBUTION. BTC needs to get back above 117570 to discount the past 7 weeks as a possible double top.”
It bears mentioning that the crypto figure maintains a neutral position on Bitcoin at this time, as he reveals that, despite the new development, he is neither bearish nor bullish.
During the time of this report, Bitcoin (BTC) is trading for $110,461, with 24-hour gains going up to 1.28%.
Notably, Bitcoin, along with other leading altcoins, is recovering losses from earlier in the week following the dip in the global crypto market cap, which has corrected upwards with a 1.28% gain over the last 24 hours.
Source: https://zycrypto.com/huge-sell-order-places-bitcoin-in-danger-zone-as-analyst-warns-117570-critical-for-bulls/