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U.Today - The cryptocurrency market lately saw an awful lot of liquidations, worth $2.2 billion to be exact. With Bitcoin (BTC) touching $91,231 on Binance, many altcoins, like Ethereum first of all, experienced an average of 20% drawdowns, causing pain and deposit annihilation big time.
The sudden price movement triggered cascading liquidations, forcing traders to reassess their positions and risk exposure. It would seem that everything is "so over," but contrary to common pessimism, an interesting opinion arises from veteran trader Peter Brandt.
With more than 50 years in trading on financial markets, Brandt expressed the opinion that even if the leading cryptocurrency were to fall below $80,000, it could still be in a bull trend for him.
Fear of missing out, uncertainty and doubt (FUD) often create scenarios like the recent one, says the expert trader, and it is too early to know for sure. Though this might not be a prediction, even sub-$80,000, BTC does not mean we are officially in a bear market, per Brandt.
Job unfinished?
Interestingly, there is an unclosed gap, with CME Bitcoin futures from November there, at $75,000. If the price of Bitcoin stops there and finishes the business, then the market may indeed remain intact, with bullish projections made previously.Analysts also point to historical market cycles, where corrections of this magnitude have preceded new highs, reinforcing the idea that the bull run might not be over just yet.
As for now, it seems as if more traders remain optimistic, believing that key support levels could trigger another wave of accumulation, potentially driving prices higher once more, even if it will take time to lick their wounds.