Amid Bitcoin’s post-Trump inauguration decline, veteran commodities trader Peter Brandt has shown recognition for “HTL-NL,” an analyst who is currently bearish.
Just yesterday, the excitement in the crypto market was palpable as anticipation built ahead of President Donald Trump’s inauguration. Bitcoin, for one, soared to all-time highs near the $110,000 price point as most altcoins posted sizable gains.
But fast-forward to a little less than 24 hours later, and all this excitement appears to have fizzled. Most assets, including Bitcoin, have shed most of their gains. Further deepening the concern, one bearish market watcher has received a nod from veteran trader Peter Brandt. What’s going on?
A Recognition of Bravery?
Amid Bitcoin’s post-Trump inauguration decline from record highs of nearly $110,000 to trade as low as the $99,500 level at one point, veteran commodities trader Peter Brandt has shown recognition for “HTL-NL,” an analyst who is currently bearish.
The nod appears to primarily be a recognition of bravery as Brandt contended that HTL-NL was moving against the crowd.
“You are one of the few Bitcoin bears currently. This alone makes me very interested in following you right now,” the veteran trader told HTL-NL in a Tuesday, January 21 X post.
You are one of the few Bitcoin bears currently. This alone makes me very interested in following you right now https://t.co/KA0YsJ9fUY
— Peter Brandt (@PeterLBrandt) January 21, 2025
Brandt’s statement came in response to an HTL-NL post suggesting that Bitcoin had reached its peak and was about to tank to near the $42,000 price point.
Sharing a Wyckoff analysis of Bitcoin’s daily and weekly time frames, HTL-NL contended that the asset was likely in the latter stages of a distribution phase, with its price gearing up for a reversal.
A Kindred Spirit?
Brandt’s show of support for HTL-NL comes as he has also expressed bearish sentiment over the past week. In an X post on January 16, he asserted that Bitcoin risked an over 50% decline, citing a complex head and shoulders pattern on the asset’s daily candle chart.
At current prices of about $101,000, Brandt’s prediction suggests the risk of a correction for Bitcoin to $50,000 or lower.