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Peter Brandt, one of the most prominent commodity traders, has weighed in on Bitcoin's latest price drop, arguing that the bulls would need to reclaim $71,000 in order to regain momentum.
Even though the flagship cryptocurrency experienced an impressive rally in September, it did not "disturb" the seven-month sequence of lower highs and lower lows.
According to Brandt, only a close above the aforementioned level would indicate that the bullish trend from the low recorded in November 2022 would remain in "full force." Bitcoin is currently down 16% from its lifetime high of nearly $74,000 that was achieved in March.
The bullish trend would still have to be confirmed by a new record high.
The leading cryptocurrency plunged to as low as $60,315 earlier today due to geopolitical jitters. According to CoinGecko data, it is currently changing hands at $61,488.