Peter Brandt, an experienced trader and well-known chartist who correctly forecasted the January 2018 Bitcoin meltdown, believes it is possible for BTC to lose 40% of its value before bottoming out.
Big Picture Perspective?
Peter Brandt estimated that Bitcoin Price would plummet to roughly $20,000 in the worst-case scenario. He demonstrated that the market had reached a high of $64,000 previously, with a subsequent drop below $30,000. According to the popular expert, Bitcoin will fall to $21,000 if the current trend continues.
While Brandt appears to be bearish on Bitcoin, he believes the chances of it reaching $100,000 or higher are better now than they were three years ago. As previously stated, Brandt forecasted on June 4 that Bitcoin had a 70% chance of increasing to $100K+, with a 30% probability of falling to $0.
“Come to Jesus”!
Brandt took to Twitter on May 2, 2021 to warn investors that Bitcoin and other cryptocurrencies could see a “come to Jesus” correction at some point, though he did not specify when. Investors would lose their entire “fortunes/inheritances/life savings,” according to the analyst, with the ultimate losers being those who don’t comprehend crypto and are over-leveraged.
Over the weekend the cryptocurrencies seemed to be in the red zone as a number of crypto-related accounts were blocked on China’s Twitter-like Weibo site, as Beijing stepped up its crackdown on bitcoin trade and mining. More steps are likely, including a nexus between unlawful crypto activity in China and the United States. As a result which bitcoin fell by 8% to trade below $34,000. As of writing Bitcoin was trading at $32,892.65.