Experienced trader Peter Brandt, who stands out with his Bitcoin predictions, shared his new predictions about the largest cryptocurrency with its market capitalization. According to a recent Twitter thread by Brandt, BTC may be on track to post its fourth correction, up to 80 percent since 2011. Here are the details…
New Bitcoin prediction from Peter Brandt
Peter Brandt gave his final assessment in response to a tweet posted by a cryptocurrency trader and analyst nicknamed Cheds as shared. In Cheds’ tweet, it was predicted that Bitcoin would drop to a low of $12,000. This level means that it has lost more than 50 percent of the current price. If the said decline occurs, for the first time, a correction will record levels below the previous all-time high.
Peter Brandt stated in his tweet that BTC has observed the fourth of its correction periods since 2011. This time he showed curiosity how long the correction would last and made the following statements about the $12,000 forecast:
This would be the fourth correction above 80 percent since 2011. It will be the first time a correction falls below the previous high (around $19,900 in 2017).
This would be the fourth 80%-plus correction since 2011. It would be the first time a correction goes below the previous high peak (which was about 19,900 in 2017) https://t.co/k1TtSCf7Lz pic.twitter.com/mq97Ebm5Qt
— Peter Brandt (@PeterLBrandt) June 4, 2022
BTC bearish forecasts continue
After starting the week on a strong note, Bitcoin gave up most of its gains, as reported by Cryptokoin.com . The leading cryptocurrency is on track to record its tenth consecutive week in the red after the bullish momentum waned. As we reported on Kriptokoin.com, last month, Guggenheim Chief Investment Officer Scott Minerd predicted that the price of Bitcoin could fall as low as $ 8,000.
Bloomberg Intelligence senior commodity strategist Mike McGlone sees the US Federal Reserve’s hike in interest rates as the main headwind for Bitcoin. The largest cryptocurrency is down 56.92 percent from the record high of $69,044 reached seven months ago. At the beginning of May, Bitcoin equaled the record of 6 consecutive red candles before it was broken, and recorded its 9th position last week. Over that time frame, the asset lost nearly $20,000 in value and fell to its lowest level in a year and a half.
BTC closed last week at $29,250 (at Bitstamp), then rebounded and even rallied above $32,000 two days ago. However, it failed there and has now returned below $30,000. However, it is still above $29,250, which means it is on the verge of breaking the negative line. Time will tell how BTC will move in the coming days.
