The volatility in the cryptocurrency market has affected the entire crypto ecosystem. However, the number of officials and investors talking about many altcoins, especially Bitcoin, started to increase. Famous trader Peter Brandt is one of them. Brandt stated that Bitcoin has reached the potential bottom.

   "For all practical purposes the target of the rising wedge in Bitcoin $BTC has already been met. That is not a reason per se to be bullish and it does not mean BTC cannot go lower yet"

According to an analysis shared by veteran investor Peter Brandt, Bitcoin has finally hit the target of the pattern it has formed since mid-July. Brandt stated that price performance does not mean that the market should be extremely bullish, nor does it mean that BTC will not fall further.

Brandt said:

   “As the consolidation period is coming to an end, the market is seeing a rapid increase in trading volume and volatility, resulting in a rise or fall. In this case, it was inevitable for BTC to drop to the July level.”

According to Brandt, the goal of the Bitcoin (BTC) model has been achieved, meaning that Bitcoin has been moving regardless of the pattern that has been in the market for the past few weeks. According to institutional net flows, large investors are actively selling their holdings, fueling the decline.

After falling below the lower limit of the wedge, Bitcoin (BTC) also dropped below the 50-day moving average, which means that the asset is back in a deep downtrend and needs massive support from investors to get back on its feet. According to institutional net flows, large investors were actively selling their holdings, which fueled the decline. The behavior of institutional investors was similar to what we saw during the 3AC dump.