Will Bitcoin be able to exceed $ 40 thousand? We’ve all been asking this question lately. On the other hand, there are also a few bearish predictions about the world’s largest cryptocurrency. So which one will be true?
Currently, Bitcoin is trading just above $36,000 with a correction of around 1.5% in the last 24 hours.
Where will the next stop for Bitcoin be?
Peter Brandt, a veteran trader, has an interesting projection for Bitcoin that shows both bullish and bearish trends. Brandt said the following about a potential uptrend.
You were calling for 100k+ yourself.
— Mr Bone (@DocDavidHuxley) June 6, 2021
Even after Bitcoin’s recent setbacks, Brandt still trusts BTC:
“In late 2018, I considered the chance of BTC hitting $100,000 or $1 million equal to the chance of hitting zero. But now I am much more constructive. Now I say 70% and 30%. But the bull’s job is to shake up FOMO (fear of missing out) buyers.”
He also addressed the extent of the correction Bitcoin could see.
According to the tweet, after a price consolidation of $30,000, Bitcoin could see a free fall around $21,000 in the worst-case scenario. This narrative came just after Bitcoin hit $64,854 on April 14. The coin was later withdrawn to $30,000 on May 19.
Big picture perspective on owning $BTC in appropriate size with money you can afford to lose
Market topped $64,7kf
Market corrected to $30,0k
Worst I can envision is $21,0k
Why would someone bail out of non-leveraged longs when the market already had 80% of worst case drop?
— Peter Brandt (@PeterLBrandt) June 2, 2021
Brandt challenged all crypto advocates in the community in his tweet thread.
“In the last 10 years (since May 2011) please give one example:
1. Has a correction of more than 50% not resulted in a correction of at least 70%?
2. Have we seen a new ATH in 7 months after 50%+ correction?”