Wednesday, May 5, 2021

Analyst with Accurate Track Record Says $20k Bitcoin Likely, Peter Brandt Says Prepare For Corrections

A pseudonymous analyst and trader, who called the Bitcoin drop from $11,600 to $6,400 in 2019, has recently stated that the leading cryptocurrency could still face a price dip to $20,000 level.

The crypto trader popular known on Crypto Twitter as Dave warned that the significant trend of Bitcoin price from $20,000 to around $58,000 in a matter of a few months could end abruptly:

Read Also: BlockTower Co-Founder Ari Paul Predicts When Current Rally Would End, Says Bitcoin Could Hit $400,000

“When the parabola corrects, now or a little higher, predicting a 0.38% retracement as per previous spikes.”

“More symmetries. The fib measurement from where price meets the bottom of the channel to where price would meet the top of the channel gives the previous peak as the center.”

Read Also: Morgan Stanley Considers Bitcoin Bet for $150 Billion Investment Unit

Bitcoin (BTC) Could Potentially Top Out Around $68,500 before Major Correction

According to Dave, it’s possible for Bitcoin to maintain its surging trend until it reaches $68,500 price area before embarking on a major correction:

“Looking at this chart, it’s quite conceivable to see BTC back to 20K at some point. Up to the present price has spent a full 2/3s of its time in the ‘buy zone’. As the channel converges, and with increasing price discovery, it’s likely this ratio will decrease the near year long speculative episodes and equally long corrections should come to dominate in an increasingly liquid market at this transitional stage. Multi-year cycles, with extended bases, could become a thing of the past.”

Howbeit, the crypto strategist believes that the bear market may not last like the previous one that started in January 2018. He said Bitcoin could eventually regain its surging trend from $20,000 to $100,000.

Read Also: Ethereum (ETH) Breaks above $1,800 First Time in History

“Say price corrected to 20K and then went to 100K. The current price is exactly half-way to that target in real terms. Time wise, you also see a symmetry between the peaks.”

Peter Brandt Says Prepare For Bitcoin (BTC) Corrections on the Way to $200,000

The veteran trader, Peter Brandt, who has over 40 years of trading experience, has recently suggested that Bitcoin (BTC) could hit $200,000 during this bull cycle, but will have to meet a number of corrections on the way.

In a poll published by Peter Brandt on Twitter, targeted at determining how rough the journey to $200,000 for Bitcoin could be, over 60% of the responders believe that BTC would face up to six corrections before reaching $200,000 price milestone.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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