Bitcoin’s $2,200 correct could prove to be a swing trade buy, claims old-school trader

Volatility in the cryptocurrency market has caused the crypto-charts to appear red and green with constant bull and bear runs. The world’s largest cryptocurrency, Bitcoin [BTC] was among the major coins involved in this continuous market turbulence.

Peter Brandt, an old-school trader had been predicting the market movement throughout this month and this time, has said that BTC entered the buy zone recently. He tweeted,

“$BTC reacts into buy zone overnight.”

Source: Twitter

Source: Twitter

Brandt further predicted a correction of $2,200. He said:

“$2,200 correction should prove to be swing trade buy.”

Source: Twitter

Source: Twitter

However, Twitter users argued whether the correction had already occurred in the market. @Crypt0_kenny noted that BTC ‘already did a $2,200 correction’ and that ‘it was just a swing trade for the big boys’.

Another Twitter user, @scarn2001 said:

“No it hasn’t done a $2,200 correction yet..a $2,200 correction will put bitcoin at $6,200”

Recently, Amazon filed a patent involving proof-of-work that supports Bitcoin [BTC] and other cryptocurrencies, which spread like a wild fire in the crypto-community.

Bitcoin [BTC] managed to cross major resistance levels from $4k and now, is preparing to breach $8k. The coin, at press time, was valued at $7,357.03, with a market cap of $24.03 billion. Over the past seven days, BTC noted a growth of 7.63% and continued to grow by 2.28%. At press time, the coin had spiked by 0.58% in an hour.

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