Bitcoin is experiencing its most tense rally since 2013, and Peter Brandt warns of “correction towards the $ 50,000 level”
Bitcoin has managed to close its sixth month in green on the Bitstamp exchange since 2013.
While the most recent rally was this stretched, the biggest cryptocurrency had a painful correction in the next three months, dropping from $ 140 to $ 62.
Warning from Peter Brandt
Considering that Bitcoin is in the midst of dizzying adoption by institutional investors, it could be argued that things are different this time around. Still, veteran commodity trader Peter Brandt argues that he could still see a “$ 50,000 correction”.
Bitcoin is currently trading at $ 58,810 on the Bitstamp exchange.