Bitcoin News: Veteran commodity trader and analyst Peter Brandt shared his thoughts on Bitcoin price. Peter Brandt shared the Bitcoin Renko chart with his followers on Twitter. Brandt preferred the Renko chart as it is one of the charts that best illustrates a long-term trend.
Brandt said that the Bitcoin Renko chart shows Bitcoin rising to the $65,000 level and BTC downtrends that started in April.
Peter Brandt commented on the chart:
“The message from the chart is that when Renko turns from red to green, it is better for you to take a long position”
Brandt later said he did not imply that this approach could be used tactically.
Renko charts, originating in Japan, are probably the most useful for staying with a trend and not getting whipped around by shorter-term volatility. As shown for $BTC #Bitcoin, the trend from $6,000s to $60,000s was steady. So has been the decline since April pic.twitter.com/BLi8LpKviy
— Peter Brandt (@PeterLBrandt) July 20, 2021
Will Bitcoin continue to drop?
According to data obtained by the CryptoQuant analytics company, the BTC data obtained does not look positive. The data and chart shared by the company shows that Bitcoin spot reserves on exchanges are increasing. According to the data; derivative reserves are falling, which may indicate profits. Additionally, stablecoin reserves are also increasing.
According to another report from CryptoQuant, the amount of stablecoins on exchanges has been at all-time highs recently. According to the report, distribution to Bitcoin can be expected in the long run as there is still a lot of liquidity at trading levels.
CryptoQuant company analyst believes that if there was a bear market, these stablecoins would retreat. The company said on Tuesday that there is no bear market for Bitcoin.
Bitcoin dropped below $30,000 for the first time since last month. What factors should investors be taking into account when it comes to crypto? @gaborgurbacs says there's two key perspectives. pic.twitter.com/zicQ0Lebbp
— Cheddar News 🧀 (@cheddar) July 21, 2021
Gabor Gurbacs, director of VanEck asset manager Digital Assets, believes Bitcoin is nothing to worry about, despite losing more than 50 percent from its all-time high in April.
He stated that since the start of the pandemic, Bitcoin has risen from the $3,000 level to $65,000 this year. He said that the $30,000 price level for Bitcoin is positive.
Gurbacs says that Bitcoin is currently not correcting. He thinks that BTC will rise to higher prices. According to Gurbacs, institutions may be waiting in the $25,000 range to return to the market.