Popular trader Peter Brandt has recently released a warning, that in order to preserve the upward movement, the price of Bitcoin must be defended at the level of $29K by the bulls. Peter cautioned that not much is to be cheerful about when it comes down to the price action of the flagship currency in the short term.

Peter Brandt Says Bitcoin $29K Mark Must Be Defended

In a tweet that was shared on July 1, Peter Brandt said that this is the time for the bulls to show their strength and warned that the mentioned mark must be defended at any cost by the bulls. The trader is well-known for his earlier calls regarding the price of Bitcoin.

Commenting on the explicated price chart following the 5% fall in BTC price after the conversion of BTC/USD chart’s on-chain indicators flipped bullishly, he said:

“The 5-week rectangle continues to form. The daily chart is decidedly negative. The burden of proof is on the bulls unless they can keep $BTC above $29,000.”

Moreover, several sources have already issued a warning that said that the contravention of the current local bottom will open up the ground towards the high that the flagship currency made last year, $20K.

Other Analysts on BTC/USD Chart

Along with Peter Brandt, the creator of the Bollinger Bands, John Bollinger noticed $31K as the lowest of the three logical levels in the BTC/USD chart. 

In addition to this, Bollinger revealed that he is closely watching the price movement of BTC within $35-36K and $41K, and said:

“So far they have been important milestones.”

Travis Kling, the Head of Ikigai, the crypto hedge fund addressed the previous month’s hit on Bitcoin and said:

“June 2021 brought the most aggressive sovereign assault on Bitcoin ever. That is not hyperbole, that is fact.”

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