U.Today is supported by its audience. When you buy through referral links, we may earn a commission.

Trading Legend Peter Brandt Called Worst Bitcoin (BTC) Price Crash Since 2013

News
Thu, 03/12/2020 - 19:23
Alex Dovbnya
Commodity trading vet Peter Brandt accurately predicted that Bitcoin (BTC) would bottom out at the $5,500 level back in September 2019
Cover image via u.today
Contents
Put your crypto to work
10
BTC
  • $68.96

    Interest per week

  • $3585.7

    Interest per year

  • 4.15%

    Interest rate

Join Now!
Sponsored by Celsius.Network

Bitcoin’s 25 percent flash-crash that sent its price back to the $5,500 level was linked to the coronavirus, the ultimate black swan event that sent all global markets into a death spiral.   

However, Peter Brandt, a commodity trader with decades of experience, called this price drop long before the advent of the pandemic. 

Related
Will Bitcoin Hit $3,000 Before Gold? Peter Schiff Asks Your Opinion

Should have listened to Brandt 

If the bulls do not pull off a major comeback before the daily close, March 12, 2020, is on track to become Bitcoin’s worst day since 2013. While traders are trying to wrap their hands around this mammoth-size crash, some of them are now admitting that they should have listened to Brandt. 

In September 2019, the legendary trader predicted that BTC could bottom out at $5,500 in February 2020 before starting a new parabolic run. This means that he was just one month shy of his initial forecast.      

In late February, he posted an ominous head-and-shoulders formation, which ended up being the harbinger of today's massive drop.     

Related
Bitcoin (BTC) Remains in Bear Market, According to Trading Legend Peter Brandt

On the ropes

Back in the day, Brandt predicted that BTC could make a moonshot to $50,000 after bottoming out at $5,500. He later raised his 2020 target to $100,000.

However, according to the chartist, BTC is still in the multi-year bear market, and it’s unclear whether he still stands by his bullish predictions. 

He is also certain that BTC dropping below $3,200 (the December 2018 bottom) could result in a total capitulation that could be the end of Bitcoin’s story

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.

Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020
Elon Musk Sends His Condolences to US Economy
Bitcoin (BTC) to Get Gains from Stock Market: US Congressional Candidate
All XRP Liquidity Indexes Reach New Highs. Is COVID-19 Crisis Driving This Growth?