Legendary trader Peter Brandt argues that the Bitcoin Bulls need to collect the $117,570 level to avoid a “potential” double-top.
The major cryptocurrency is currently changing hands at $111,794 after immersing it in the intraday low of $100,381.
Huge sell order
Weekend, Bitcoin Whale Liquidation A total of 24,000 coins worth more than $2.7 billion.
A massive crash is believed to be the main reason why the price of major cryptocurrencies collapsed at just $4,000.
Blockstream CEO Adam Back described this type of activity as clumsy. “Usually, people with that kind of money would be smarter,” Buck said.
While some market participants downplay the importance of large-scale whale movements, Brandt argues that it should not be rejected as it represents supply.
As Brandt pointed out, Market Tops tend to be created by supply or distribution.
Key level for bulls to regain
Brandt believes it is important for the Bulls to regain the above 117,570 levels to rule out possible cycle peaks.
Recently, Bitcoin prices have fallen below the main support level of around $112,210.
The chart shared by Brandt shows that Bitcoin prices have returned to the downward slope channel that was formed in mid-August.
If the price of a major cryptocurrency fails to record a breakout, you could face the aforementioned double-top, with two peaks high in July and subsequent highs recorded in mid-August.
Brandt claims she is not bullish about Bitcoin for now either. “Most of your trolls need to know this because you can't understand the nuance yourself,” he said.
