In a recent tweet, renowned market trader Peter Brandt highlighted a ‘buy signal’ for Bitcoin, referring to the current pattern as a “footshot”. This terminology points to a short-term opportunity for investors to buy during a price dip.
Brandt shared on X that investors might benefit from buying commodities while prices are low. Brandt stated that there could be further drops and established that if Bitcoin fails to hold necessary support levels it can further drop to $48,000.
Nevertheless, he still believes in the chance of getting back into the market and has compared the current Bitcoin activity to previous gold market waves. At the time of writing, Bitcoin was trading at $58,163, marking a 2.74% increase in the last 24 hours according to CoinMarketCap.
Robert Kiyosaki, echoed this sentiment earlier, emphasizing the volatility of the cryptocurrency market as an opportunity. Kiyosaki has been vocal about his strategy of buying during price lows, suggesting that the true value and profit from Bitcoin investments are realized when buying, not selling.
In contrast, Bitcoin critic Peter Schiff attributes recent market sell-offs to what he describes as the “myth” of institutional demand for Bitcoin. His comments specifically came during a relatively large selloff in the market due to the Mt. Gox payout and related sales by the German government.
