Peter Brandt Analyzes The Price Of Bitcoin (BTC) Following Surge Above $40k

The price of Bitcoin has been watched by the whole crypto space these days, following the surge above $40k. At the moment of writing this article, BTC is trading in the green and the king coin is priced at $42,654.

As the online publication the Daily Hodl notes, important analyst and trader Peter Brandt is looking at the state of Bitcoin after its strong rally above $40,000. His analysis aims to determine whether BTC has actually bottomed out.

Brandt said that he’s looking at trader sentiment on Bitcoin to gauge what’s next for the king coin.

“Just as the laser eyes marked the April top and widespread talk of $100,000 marked the Nov. top, so bulls throwing in the towel and predicting $20,000 marked the January bottom.”

While Brandt highlighted that the change in sentiment is a potential bottom signal, the trader says BTC has not yet carved a technical bottom which could lead to a trend reversal.

“It did NOT put in a conventional chart bottom construction buy signal as was the case in Nov 2015, Apr 2019, Oct 2020 or even Jul 2021, so time will tell if we get a chart set up recognizable in classical charting terms.”

It’s been just revealed that the investor sentiment in Bitcoin and Ethereum is improving these days. Check out the latest reports below.

According to the online publication, the Daily Hodl, the recent crypto market meltdown drove investor enthusiasm toward the two largest cryptos by market cap, according to a new survey conducted by digital asset manager CoinShares.

The digital asset manager said that while investor sentiment for Bitcoin (BTC) and (ETH) improved in December of 2021, Cardano (ADA), Solana (SOL), and additional altcoins witnessed the opposite.

Stay tuned for more relevant news and make sure to check out the prices in the crypto market.