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01 November 2023
Peter Brandt warned Bitcoin traders about the need to prepare for a period of “chopping.” Experts also shared their opinions on the matter.

Bitcoin has reached its minimum, but a period of significant volatility lies ahead, which Peter Brandt referred to as a “chopping festival.” This experienced analyst urged traders not to expect a new all-time high (ATH) until the third quarter of 2024 and suggested that traders prepare for an intense battle in the market.

Brandt noted that his analysis is based on the weekly Renko chart.

Another expert, Michael van de Poppe, pointed out that the price of Bitcoin has currently stalled at the upper boundary of a three-day range around $35,000. He predicted that breaking this level could lead to an increase to $37,000. At the same time, he recommended altcoins to weather this period in consolidation mode.

A trader using the pseudonym “Titan of Crypto” mentioned that Bitcoin is emerging from the “indecision zone.” It took Bitcoin 39 weeks to overcome the second resistance level.

Analyst Willy Woo also noted that the trend of decreasing balances on exchanges continues, indicating a reduction in selling pressure.

Recall that Glassnode analysts have highlighted that Bitcoin has successfully surpassed a key level around $28,000, both from a technical and fundamental perspective.

Previously, experts, analyzing the movement of capital between long-term holders and speculators, compared the current structure of the Bitcoin market to the recovery phase after periods of bearish dominance in 2016 and 2019.