Veteran cryptocurrency trader, Peter Brandt, is not sure the present Bitcoin market situation is an indication of bull or bear.
The crypto trader questioned the situation, doubting whether the present situation signals the next bull run.
Peter Brandt envisaged the possibility of Bitcoin uptrend consolidation. He noted some three-pointers reflecting the present Bitcoin condition on the graph.
His first observation was that the Bitcoin market held support at the lower boundary of multi-year channel.
Also, Peter wrote about the Small H&S bottom on the daily chart and the “pending penetration of 6+ mo channel”.
The Bayesian probability trader said, “if enough cryptocultists have been shaken out since Dec ’17” then it is possible to say Bitcoin bull has returned, however, if the said “cryptocultists” are still within, then the bear will soon take charge.”
At the moment, Bitcoin is trading around $8400. The digital currency saw a spike shortly after the United Stated President ordered the killing of Iran’s respected military leader Qasem Soleimani.
Soleimani was killed in a drone attack in Baghdad, the capital of Iraq on Friday. Since then the market situation has been positive.
Today, however, Bitcoin was staying around $7,800 when Iran military apparatuses fired several ballistic missiles into two distinct U.S. bases in Iraq, with the Iran local media claiming it had killed nothing less than 30 US military personnel.
Although President Donald J. Trump has not officially responded to the attack, however, if he’s meeting the Iranian retaliation with further military strikes, there is high change Bitcoin price goes up, considering the assertion of Bitcoin billionaire Mike Novogratz.