Trading legend Peter Brandt shares a chart showing Bitcoin may continue to fall

Commodity trading legend and analyst Peter Brandt used Twitter to share a Renko chart for the flagship cryptocurrency, Bitcoin of course.

This chart, which originated in Japan, shows that both Bitcoin's rise to $ 65.000 and its decline, which has been underway since April, have been strong trends.

Will Bitcoin continue to decline despite regaining $ 30.000?

Peter Brandt presented a Renko chart on Twitter, which best shows a long-term trend.

The chart shows that the uptrend for BTC stopped at its peak in April - the $ 64.863 hit on April 14 - and the chart has been negative since then.

"Bitcoin is not in a good position in the short term"

According to data provided by the analytics provider CryptoQuant, things are not looking good for Bitcoin. The “quick take” shared by the company and the chart shows that Bitcoin spot reserves on exchanges are on the rise. The reserves of derivatives are decreasing, which means that profit taking is taking place. The stablecoin reserves are also increasing.

However, in another report, CryptoQuant states that the amount of stablecoins on exchanges remains close to its recent all-time highs. As there is still a lot of liquidity in the trading venues, the report says, it may be waiting to be released in Bitcoin in the medium or long term.

If there was a bear market, these stablecoins would be withdrawn, according to a CryptoQuant analyst. On Tuesday, the company also stated that Bitcoin is not in the bear market at the moment.

"Bitcoin fundamentals look good"

MicroStrategy chief Michael Saylor tweeted that "Bitcoin's fundamentals have never been better." Among these fundamentals he mentioned the power of the miner network and the breadth of institutional and individual investors.

The director of digital assets at VanEck's wealth manager, Gabor Gurbacs, also believes Bitcoin is doing well, despite losing more than 50% from its all-time high in April.

He said that since the beginning of 2020, when the pandemic began, Bitcoin has risen from the $ 3.000 level, reaching a record $ 65.000 this year. With this in mind, the price of $ 30.000 for Bitcoin is a positive sign.

Gurbacs doesn't believe Bitcoin is correcting right now. He believes that BTC has managed to outdo itself. According to Gurbacs, institutions could wait for the $ 25.000 range to return to the market to enter.

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