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Legendary Trader Peter Brandt Names Worst-Case Scenario for Bitcoin

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Wed, 06/02/2021 - 18:08
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Alex Dovbnya
Peter Brandt claims that he's interested in reloading his Bitcoin position
Legendary Trader Peter Brandt Names Worst-Case Scenario for Bitcoin
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Veteran trader Peter Brandt claims that a drop to $21,000 would be the "worst he can envision" for Bitcoin, urging his followers to invest with money they can afford to lose:      

After weeks of ambiguous tweets, Brandt has brought more clarity to the table about his own position. The chartist also writes that he’s currently long Bitcoin despite some bearish calls: 

Why would someone bail out of non-leveraged longs when the market already had 80% of worst case drop?  

Brandt claims that he has reduced his position to 30 percent since the peak but he’s interested in “reloading” it.

Related
Bitcoin Could See $50,000 Again if This Pattern Holds Up, Says Fundstrat
Earlier this week, the veteran trader asked crypto Twitter to identify a single instance when a 50 percent correction from a new all-time high didn’t result in a 70 percent correction, seemingly implying that the flagship cryptocurrency could see more downside pressure.

Bitcoin is currently trading at $37,958, down over 41 percent from its Apr. 14 all-time high.

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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.