ICYMI: Bitcoin is yet to experience a significant sell-off that will lead to bulls' capitulation, according to Peter Brandt BTC $BTC
The largest cryptocurrency is on track to log its third consecutive day in the red, dipping to an intraday low of $46,596 earlier today on the Bitstamp exchange.Bitcoin endured a major sell-off on Dec. 4, tanking to as low as $42,000. It was followed by weeks of anemic price action.out since there was no panic capitulation with high selling volume.
Bitcoin spiked 14% within a week since Brandt's warning. However, there was not enough buying pressure to push the cryptocurrency above the key $52,000 resistance level. The recovery ended up being a bull trap.On Dec. 28, Bitcoin dropped more than 6%, diminishing any hopes of a last-minute"Santa rally."
The leading crypto and other risk assets are still struggling to regain bullish momentum after an Omicron-driven correction in early December. While doubling the returns generated by the S&P 500 benchmark index, Bitcoin is up a modest 64.76% year-to-date.A buying opportunity?insists that Bitcoin is a buy at the lower end of his stock-flow-model model, which many critics believe has already failed due to the price not reaching the oft-repeated $100,000 by the end of this year.
According to a poll that has received 67,273 votes at press time, the majority of respondents think that Bitcoin will remain below $100,000 by the end of 2022.
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