A seasoned trader known in crypto circles for correctly predicting Bitcoin’s massive 2018 meltdown says BTC is actually in a “historical bull market” despite trading in a wide range for months.
In a new interview with StockCharts, Brandt says Bitcoin is currently taking a breather after crypto assets surged by around 17 times since the crash of March 2020 that was triggered by the Covid-19 pandemic.
“You know Bitcoin is in a big trading range. It’s in a very historical bull market, an incredible market. I’ve traded for 47 years, never seen a bull market like Bitcoin.
But you know we deserve to be in a trading range here because, after all, from the March 2020 low into the April 2021 high, we saw the market go up 17x. And so we’re just taking a breather.”
According to the veteran trader, Bitcoin will at “some point” break out of the trading range and rally strongly.
“I believe at some point we’re going to resolve this trading range and have another big run in Bitcoin. But we certainly for right now are just kind of stuck in the mud.”
On the downside, the veteran trader says BTC could also fall below a price of $28,000, triggering a final capitulation.
“We could go on back down and really explore the lower end of this trading range at $28,000, maybe even take a peek below it and get some panic selling.”
But over the long term, Brandt says Bitcoin appears to be headed upwards.
“We’ve been here for a year, we’re in a big trading range for a year. Bitcoin has not gone up for a year. But I do think the long-term trend is up. The trend is your friend.”
Bitcoin is trading for $42,963 at time of writing.