Trading Vet Peter Brandt Reveals When Bitcoin Price Will Drop 80 Percent

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Mon, 07/08/2019 - 06:26
Alex Dovbnya
👨‍💻✍When Peter Brandt tweets, the whole cryptocurrency community listens👪👂
Trading Vet Peter Brandt Reveals When Bitcoin Price Will Drop 80 Percent
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Contents

In his most recent tweet, commodity trading expert Peter Brandt shared a gloomy forecast for Bitcoin holders — if the parabolic advance is violated, BTC could witness an 80 percent correction. In such a case, the BTC price would tank to $4,500.

A drop below $8,000 is unlikely

Brandt is a force to be reckoned with in the cryptocurrency community since he accurately predicted the crash in 2018 as well as Bitcoin’s parabolic rise in 2019. On Apr. 5, he tweeted that BTC was entering a new parabolic phase.  

It is worth noting that the above-mentioned tweet rather presents a worst-case scenario than an actual prediction. While traders are leaning to the bearish side, Bitcoin is still holding up strong at $11,461 at press time.

During his recent interview, Brandt himself proved to be a Bitcoin bull who claimed that 30-40 percent pullbacks are healthy in the bull market. Hence, its local bottom should be $8,000.

Bitcoin is still volatile

This time, not only did Brandt share his price analysis, but he also addressed one of Bitcoin’s biggest problems — enormous volatility. He states that this flies in face of “cryptomaniacs” who are pushing the mass adoption narrative.

Numerous experts, including Galaxy Digital CEO Mike Novogratz, believe that Bitcoin will be able to serve as a store of value, thus rivaling gold. However, according to Brandt, the flagship cryptocurrency is not stable enough to achieve this feat.

As expected, Brandt’s tweet turned out to be quite controversial, and multiple users explained that there is not enough liquidity in the market to ensure price stability.

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.