Here Is the Worst-Case Scenario for Bitcoin, According to Veteran Analyst and Crypto Trader Peter Brandt
The legendary trader who accurately predicted Bitcoin’s crash in January of 2018 says it is within the realm of possibilities for BTC to lose 40% of its value before bottoming out.
In a new tweet, Peter Brandt tells his 529,000 followers that he could see Bitcoin plummeting to around $20,000 in a worst-case scenario.
“Big picture perspective on owning BTC in appropriate size with money you can afford to lose. The market topped [at] $64,700. The market corrected to $30,000. The worst I can envision is $21,000.
Why would someone bail out of non-leveraged longs when the market already had 80% of worst-case drop?”
Brandt previously predicted a “come to Jesus” event for Bitcoin and the broader crypto market a few weeks before the significant correction on May 20th.
Someday – maybe not this month, this year, this decade – $BTC & cryptos will have a “come to Jesus” correction.
Fortunes/inheritances/life savings will be lost
Losers will be:
-Those that really don’t understand cryptocurrencies & cannot stand the pain
-Those that are leveraged
— Peter Brandt (@PeterLBrandt) May 2, 2021
While Brandt appears to be bearish on the largest crypto asset, he believes the odds of Bitcoin hitting $100,000 or higher is greater now than three years ago.
“When BCL (Bitcoin Live) began in late 2018 I thought BTC had a 50% chance for $100,000, $1 million, whatever and 50% chance for zero. I am much more constructive now. Call it 70%/30%, but the job of the bull is to shake out FOMO (fear of missing out) buyers.”
At time of writing, Bitcoin is trading at $36,028, down 4.59% in the last 24 hours, according to CoinMarketCap.
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Author: Daily Hodl Staff