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U.Today – Former trader Peter Brandt recently asked an important question that could shape Bitcoin’s next move. In a tweet, Brandt hinted at possible market volatility, suggesting that a final “drop” or extended period of marginal trading could occur before a major rally. .
“The big question in my mind is whether Bitcoin will get another drop (or more long-term congestive chop) before the pump. Remember, markets generally don’t break until the retail traders get tired,” Brandt wrote.
A veteran trader’s use of the term “congestive chop” may refer to a series of trading cycles in which prices fall within narrow ranges, confusing bulls and bears.
Will Bitcoin have another “mission” or long consolidation before the next big pump? According to Brandt, the answer lies in the behavior of retailers.
According to Brandt, markets don’t “go sour” until market participants lose patience. In the coming days, eyes will be on where Bitcoin trends follow as well as the behavior of retail traders. If the answer to Brandt’s question is yes, this could suggest that Bitcoin’s next significant rally may be just around the corner – but only after more pain.
Bitcoin price action
Crypto markets fell sharply last week; Bitcoin fell from around $102,735 on Tuesday to $91,187 at the same time on Thursday. Major altcoins were down even more in percentage terms.
BTC advanced to $95,862 on Friday, which is close to where it is currently consolidating. At the time of writing, BTC was up 0.26% in the last 24 hours, reaching $94,639. Since Saturday, BTC price has moved in a narrow range of $93,670 to $94,983.
Although expectations remain on the price of Bitcoin, Bitcoin analyst Willy Woo has warned crypto market participants to be cautious in the coming months, with further gains expected in the future.
“Risk is increasing for the first time in this cycle, and there is a lot of profit in the coins that have been sold and it will take a lot of profit before we can fully recover,” Woo wrote in a post- Rao of X, realized that although. Bitcoin sentiment appears to be “uber bullish,” market participants should choose a more “cautious approach” in the coming months.
