Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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.
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.
Tomiwabold OlajideMike 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.
Arman Shirinyan
Dan Burgin
U.Today Editorial Team
Vladislav Sopov