The main question on people’s minds if whether bitcoin can remain above $8,000. Not everyone thinks that is the case, for fairly obvious reasons.
Despite some bullish signs, bitcoin is not out of the woods just yet.
Peter Brandt Isn’t too Sure About Bitcoin
Sustaining any price growth has proven very difficult for all cryptocurrencies.
Even the bitcoin price is not “safe” near its current levels.
Peter Brandt, a well-known trader, seems to think certain conditions need to be met.
One of those conditions is very peculiar, to say the very least.
The “weeding out” of “crypto cultists” is a very odd phrase.
It is certainly true that cryptocurrency communities attract all kinds of people.
Some individuals want nothing more than to see one specific project succeed and the rest could perish.
In some cases, this behavior becomes oddly cult-like, for reasons unknown.
It is possible that Peter Brandt is referring to those individuals.
Another explanation is how he refers to the overall market sentiment among traders.
If everyone is bearish, a bull market could ensue fairly easily.
Whatever the case may be, it is evident that Peter Brandt isn’t sure bitcoin will remain at this price level.
A lot of people have seemingly turned bullish on social media.
That may be a sign of another bear market looming on the horizon.