A veteran trader who became a legend in crypto circles for correctly forecasting Bitcoin’s 2018 collapse just issued an update on the current state of the markets.
Peter Brandt points to sour sentiment on crypto in the mainstream media as a sign that prices are at, or near, a bottom.
Brandt specifically calls out BTC and Ethereum, the largest crypto assets by market cap, in his new note to fellow traders.
This is the type of news that comes at or near a major market bottom $BTC $ETH pic.twitter.com/DIPRpcx9Zn
— Peter Brandt (@PeterLBrandt) November 19, 2022
Bitcoin, in particular, has witnessed hundreds of reports over the last decade from various news outlets who have dared to proclaim the top cryptocurrency is dead.
According to 99Bitcoins, BTC has been written off by established journalists and media outlets as worthless and on its way to zero a total of 466 times.
As fallout from the epic collapse of crypto exchange FTX continues to reverberate across the industry, traders are now monitoring the institutional crypto trading and lending firm Genesis.
The company, which is owned by crypto giant Digital Currency Group (DCG), is reportedly seeking a $1 billion cash infusion after halting lending withdrawals on Friday.
Genesis says the freeze is temporary and does not affect the business operations of DCG or its many wholly-owned subsidiaries.
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