As Bitcoin Drops To $18k, Wall Street Legend Predicts New Bearish Bottom
Legendary trader Peter Brandt should not really need an introduction in the world of crypto by now. He is the author of several books on trading and the profession of technical analysis and has been discussing the subject for fifty years or so.
His book diary of a professional commodity trader is considered a bible to many in the City of London. Back in 2011, he was named as one of the 30 most influential persons in the world of finance. Importantly, he is one of the first classic Wall Street traders who admitted the technical capabilities of Bitcoin and has mostly been correct about its direction. Even Dogecoin holds no secrets to Peter.
Back in October 2020, when Bitcoin was trading in the $10k range and Square (the fintech company of Twitter CEO Jack Dorsey) had just bought 50 million dollars worth, Brandt claimed he could see a big buy signal in the charts. Four months later, Bitcoin traded over $50,000.
For 2022 however, his predictions for crypto have been very bearish.
Earlier this week, when all hell broke loose and Ethereum fell though a hole, Brandt claimed he was able to calculate the bottom for Vitalik Buterin’s coin at around $660. As Ethereum was then still trading at $1,500, many thought Brandt had lost his mind. Now that we’ve seen $900 already pop up for Ether, not so much.
And thus, crypto investors are paying close attention to what Brandt states about Bitcoin, and certainly now that yesterday the world’s biggest digital coin seemed to fall ever deeper. At the time of writing, Bitcoin trades at $18,500, having fallen as low as $17,700 overnight.
Brandt now claims that Bitcoin is about to make a double bottom and has set a new bearish target of $13,000.
As Bitcoin fell 9% at a certain point on Saturday, Brandt stated:
For the record, from my inception trading cryptos I have stated my belief there is a 50% chance $BTC goes to $100k, $500K, $1MM, you name it; and, a 50% chance it becomes basically worthless.
My opinion has not changed.
Interesting times as always. Safe trading to all and, just like The Primitives advise during a Crash: watch your step!
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