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Bitcoin Just Finished Its Sixth Month in the Green, but Peter Brandt Warns About "$50,000 Correction"

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Thu, 04/01/2021 - 05:59
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Alex Dovbnya
Bitcoin is having its most overstretched rally since 2013, and Peter Brandt is warning about a "$50,000 correction"
Bitcoin Just Finished Its Sixth Month in the Green, but Peter Brandt Warns About "$50,000 Correction"
Cover image via www.peterlbrandt.com
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Bitcoin has managed to score its sixth month in the green on the Bitstamp exchange for the time since 2013.   

Bitcoin
Image by tradingview.com

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.

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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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.