Main navigation

Bitcoin to $12,000? Here’s What Peter Brandt Has to Say

Sun, 06/05/2022 - 08:56
article image
Alex Dovbnya
Could Bitcoin drop to as low as $12,000? Peter Brandt weighs in
Bitcoin to $12,000? Here’s What Peter Brandt Has to Say
Cover image via www.youtube.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

In a recent Twitter thread, cryptocurrency Peter Brandt said Bitcoin could be on track to record its fourth correction of up to 80% since 2011.

Trading
Image by tradingview.com

Brandt shared his assessment in response to a tweet posted by Cheds, a pseudonymous cryptocurrency trader and analyst, in which he predicts that the flagship cryptocurrency could end up dropping to $12,000.

If that’s the case, this would be the first time a correction goes below the previous all-time high.

After starting the week on a strong note, Bitcoin gave up most of its gains. The leading cryptocurrency is now on track to record its tenth consecutive week in the red after the bullish momentum fizzled out.

Related
Binance CEO Reveals $1.6 Billion Loss in Terra Investments
Last month, Guggenheim Chief Investment Officer Scott Minerd predicted that the price of Bitcoin could end up falling to as low as $8,000.

Mike McGlone, senior commodity strategist at Bloomberg Intelligence, sees the U.S. Federal Reserve’s hiking of interest rates as the main headwind for Bitcoin.

The largest cryptocurrency is down 56.92% from the record high of $69,044 that was achieved seven months ago.

article image
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.