From Investing.com: 2024-05-01 12:31:03

Legendary trader Peter Brandt has suggested a potential pit stop for Bitcoin before its next rally, pointing towards a scenario where the leading cryptocurrency could dip into the high $40,000s. The recent 9% price drop has sparked uncertainty, with Brandt underscoring the importance of resolving current market dynamics amid a cautious bullish outlook.

Despite Bitcoin’s significant loss from $64,700 to $57,400, Brandt remains cautiously optimistic about the ongoing bull market. He notes a 25% probability that Bitcoin had already reached its local peak at $74,000, emphasizing potential corrections in price. Bitcoin has not revisited the $40,000 mark in three months, highlighting the significance of Brandt’s proposed pit stop.

Read more at Investing.com: Legendary Trader Peter Brandt Suggests $40,000 Pit Stop for Bitcoin Before Rally By U.Today