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.
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.