According to Peter Brandt, it may be time to invest in Bitcoin

In a recent tweet, veteran trader Peter Brandt suggested that it might be time to buy Bitcoin.


Bitcoin
Bitcoin

Brandt feels that market sentiment has grown overly gloomy, which is why he believes the cryptocurrency will rise.


One of the most prominent contrarian investing strategies is to buy assets when the market is scared.


On the weekly chart, he also attached a price chart that shows Bitcoin forming a descending channel.


Despite the fact that such formations are usually bearish in the short term, the flagship cryptocurrency is expected to experience more upside if bulls break through the upper trend line.


Brandt underlined in his tweet that Bitcoin changing its images to add laser eyes was a telltale sign of the market's high.


On the weekly chart, he also attached a price chart that shows Bitcoin forming a descending channel.


Despite the fact that such formations are usually bearish in the short term, the flagship cryptocurrency is expected to experience more upside if bulls break through the upper trend line.


Brandt underlined in his tweet that Bitcoin changing its images to add laser eyes was a telltale sign of the market's high.


According to data from blockchain analytics website bloxy.info, SHIB recorded 475,157 on-chain transactions in December 2021, compared to 278,942 in January 2022, marking a 41.29 percent drop over the two months.


Notably, the number of transfers in January is nearly four times lower than the all-time high of 1,389,603 set in November 2021.


Is SHIB in decline?


Finbold recently stated that demand for SHIB on Google has dropped by more than 90% in the last three months.


Indeed, search interest for the keyword 'Buy Shiba Inu coin' declined significantly from a peak of 100 on October 29, 2021, to a score of 8 on January 29, 2022, implying that interest in the keyword dropped 92 percent within those 90 days.