BTC back at $ 8,320 – but trading veteran Peter Brandt remains bullish on Bitcoin

Peter Brandt is considered one of the most popular Bitcoin analysts. For the past 24 hours, Brandt has made a bullish plea for BTC that contradicts many who thought the market would collapse because of the Chinese New Year.

Bitcoin holds? Brandt remains bullish

Charts are constantly morphing. The idea of drawing a chart boundary definition to be fixed forever was discounted by serious traders 80 years ago. Often, the exact configuration is clear only after the fact. #FACT

— Peter Brandt (@PeterLBrandt) January 24, 2020

Brandt, a trading veteran who has survived and prospered in the markets for 40 years, is currently telling his fellow traders about zen-like, wise advice.

Brandt argues: Another test of the outbreak that we had at the top of a down channel for years is normal. He would not be surprised to see more upside in the near future. 

A stronger correction could take place if the tip of the channel breaks down. Nonetheless, the bullish, inverse head and shoulders pattern he recognized earlier in the week has proven to be correct – and BTC was up 18% before the correction.

Brandt argues contrary to BitMEX CEO Arthur Hayes. He believes that the Chinese New Year would have a negative impact on Bitcoin and the rest of the market.

Mati Greenspan supports Brandt’s thesis 

Mati Greenspan, former senior market analyst at eToro and founder of Quantum Economics, agrees with Brandt’s optimistic mood and comments on the strength of Bitcoin’s upswing. Greenspan said the recent rebound from the $ 8,200 preliminary support level is a positive sign for Bitcoin.

Beautiful bounce off interim support at $8200. 👀🚀🐂 pic.twitter.com/KE9KOUwgl6

— Mati Greenspan [tweets are not trading advice] (@MatiGreenspan) January 24, 2020

Other traders also remain bullish

DonAlt, another well-known crypto trader, also agrees with the positive mood and explains that bearish traders are currently struggling to ward off increasing buying pressure. He adds that he won’t change his preference until BTC hits the $ 7,500 mark.

I'm out surfing right now so I'm not looking at the charts but a quick scope of Twitter shows me all I need to know.

Bear cope & more bear cope.

I'll be bearish the moment we start closing below 7500, not when BTC is retesting it's neckline.

Still long & strong.

— DonAlt (@CryptoDonAlt) January 9, 2020

Bitcoin is currently $ 8,320. It remains unclear whether the next few hours will bring a trend reversal that will lift the market with more momentum.