according to the materials of the site - By U_Today
Legendary trader Peter Brandt claims that Bitcoin bulls urgently need to reclaim the level of $117,570 to avoid a 'potential' double top.
Currently, the leading cryptocurrency is trading at $111,794 after falling to an intraday low of $100,381.
Huge sell order
Over the weekend, a Bitcoin whale liquidated a total of 24,000 coins worth more than $2.7 billion.
It is believed that this massive crash was the key reason for the leading cryptocurrency's price drop of $4,000 in just a few minutes.
Blockstream CEO Adam Back called such actions clumsy. 'Usually, people with that kind of money act smarter,' Back said.
Despite some market participants downplaying the significance of large 'whale' movements, Brandt insists that it should not be ignored as it reflects supply.
As Brandt notes, market tops are typically formed by supply or distribution.
Key level for bulls
Brandt is convinced that it is crucial for bulls to reclaim the aforementioned level of $117,570 to rule out a potential cycle peak.
Recently, the price of Bitcoin dropped below the key support level around $112,210.
The chart presented by Brandt shows that the price of Bitcoin has returned to the descending channel formed in mid-August.
If the price of the leading cryptocurrency fails to break through it, it may face the aforementioned double top, where the two peaks are the July high and the subsequent high recorded in mid-August.
Brandt asserts that the price is currently not adhering to either bearish or bullish views on Bitcoin. 'Most of you trolls need to know this because you are unable to understand the nuances on your own,' he said.
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