Experienced trader and analyst Peter Brandt said the recent declines in the cryptocurrency market are a “healthy correction.”
Peter Brandt, known for his successful predictions, reassured Bitcoin investors with his post dated March 19.
Examining the Bitcoin chart, which has been continuing from the average level of $74,000 and forming a head and shoulders pattern, the experienced analyst emphasized that the declines are just a healthy correction. In his prediction, he said that any correction above $50,000 would be acceptable and part of the plan.
Implying that Bitcoin is in a strong bull trend and such declines would not be significant in the big picture, he hinted that if $69,000 level is reclaimed, the wind will blow upwards again rapidly:
Bitcoin has completed a head and shoulders pattern and then experienced a drop. Any level above $50,000 will remain a healthy correction. Bitcoin is in a strong bull trend. If $69,000 is reclaimed, the head and shoulders pattern will be invalidated.
