Bitcoin has managed to score its sixth month in the green on the Bitstamp exchange for the time since 2013.
Last time the rally was that overstretched, the largest cryptocurrency saw a painful 55 correction in the following three months, collapsing from $140 to $62.
Considering that Bitcoin is in the middle of dizzying institutional and merchant adoption, one might argue that things are different this time around. Yet, veteran commodity trader Peter Brandt argues that it could still see “a $50,000 correction,” taking a jab at the laser eye meme that has become popular with the bulls:
I will use my laser eyes when $BTC experiences a $50,000 correction and many of you swap your lasers for tears.
Bitcoin is currently trading at $58,810 on the Bitstamp exchange.
Godfrey Benjamin
Denys Serhiichuk