After 72 hours of upward price pressure, Bitcoin (BTC) has begun to slow at last. As of the time of writing, BTC is trading at $5,720, down from the $5,850 seen on some points on Friday and Saturday. While there isn’t clear selling pressure per se, some analysts are convinced that there is likely to be a stronger correction in the coming days.
In a recent tweet, Peter Brandt, a legendary commodities trader that expects a long-term Bitcoin parabolic run-up, noted that seeing that BTC has reached a price target at a key resistance ($5,750 region), he would expect that the cryptocurrency market is topping here. He notes that there is likely to be a “more significant correction” after a move to $6,500, which is where BTC traded at for a number of weeks and months during 2018.