Bitcoin stabilizing after a massive 12% drop; Peter Brandt says, he is ready to ‘dip toes back in the water’

Peter Brandt, a well-known trader, tweeted his views on the condition of Bitcoin and said that he was ready to go back to trading. He has been known for being vocal about his views on XRP and other cryptos.

Brandt tweeted:

“$BTC appears to be stabilizing after the 12% break on Thursday. I am willing to dip by toes back in the water.”

The chart posted by Brandt showed an initial target for BTC at $9,321 and a target beyond that at $10, 615.

Source: Peter Brandt

The recent surge caused the price of bitcoin to hit $9,000, which was an all-time high for Bitcoin in 2019. However, the surge was momentary and the price dipped by a $1,000 in 5 hours, causing liquidations of both longs and shorts worth tens of millions.

Brandt also questioned if the 12% drop was enough to shake the “monkeys [FOMOO Buyers] from the trees”. The price of Bitcoin has since risen by  5.7 %.

However, the price of Bitcoin looks like it is forming a rising wedge pattern which is a bearish signal for Bitcoin. As seen in the chart below, the price is almost near the end of the pattern, indicating a break out to the downside in the next couple of hours.

Source: TradingView

DonAlt, another prominent trader tweeted:

Source: Cryptodonalt

“$BTC
Took both of these, my own stop loss is a little tighter (And R:R better) but I’d rather not disclose it, slippage is bad when people copy it.
I’ll monitor the trade depending on the monthly close tomorrow & price movements.
First-time net short BTC this year.”

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