Veteran Trader Peter Brandt Recognizes Bearish Bitcoin Analyst “HTL-NL” Amid Post-Trump Inauguration Decline

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.

Veteran commodities trader Peter Brandt has shown recognition for “HTL-NL,” an analyst who is currently bearish, amid Bitcoin's post-Trump inauguration decline from record highs.

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.

The 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.

“This is getting interesting. Bitcoin top and HTL says down to $42K. I like the way he thinks. Maybe I'll start following him,” another trader remarked in response to HTL-NL's analysis.

Meanwhile, HTL-NL also shared an analysis suggesting that Bitcoin was set to correct to the $70,000 price zone before ultimately recovering to continue its uptrend.

The analysis suggested that Bitcoin could reach highs of nearly $150,000 before ultimately facing another round of selling pressure.

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.