Market Update: Peter Brandt Highlights Bitcoin (BTC) Buying Signal, Attributes Pattern to 'Footshot”

In a recent update, renowned market trader Peter Brandt highlighted a buying signal for Bitcoin, referring to the current pattern as a “footshot.”

Renowned market trader Peter Brandt recently highlighted a buying signal for Bitcoin (CRYPTO: BTC) in a recent update, terming the present pattern a “footshot.” The terminology essentially indicates a short-term opportunity for investors to buy during a price dip.

Brandt shared on Twitter investors might stand to gain from buying commodities while prices are low. Earlier this month, Brandt stated that there could be further drops and established that if Bitcoin fails to hold necessary support levels it can further drop to $48,000.

“The pattern in Bitcoin is something I call a foot shot (Friday). This is a buy signal short term.” pic.twitter.com/D5jz7FrQFS

Despite this, he still believes in the chance of getting back into the markets and has compared the current Bitcoin activity to previous gold market waves. At the time of writing, Bitcoin was trading at $58,163, marking a 2.74% increase in the last 24 hours according to CoinMarketCap.

Echoing this sentiment earlier was Robert Kiyosaki, who highlighted the volatility of the cryptocurrency market as an opportunity. Throughout the year, Kiyosaki has been vocal about his strategy of buying during price lows, suggesting that the true value and profit from Bitcoin investments are realized when buying, not selling.

On the other hand, Bitcoin critic Peter Schiff has attributed recent market sell-offs to what he describes as the “myth” of institutional demand for Bitcoin. His comments specifically came during a relatively large selloff in the market due to the Mt. Gox payout and related sales by the German government.

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