Bitcoin has no doubt been hit hard in the past few days; after peaking at $ 9,200 on Saturday, the cryptocurrency fell off a cliff and plummeted to just $ 5,500 today. This marks a strong reversal from the 50% rally that BTC saw from December to mid-February, which many hoped was a precursor to the start of a bull market.
Despite the already grim performance, an analyst is warning that the Bitcoin chart is showing signs of an impending effective apocalypse.
The Bitcoin chart has clear warning signs
Commodity analyst for a long time Peter Brandtdespite being rooted in traditional markets, over the years it has taken a liking to cryptocurrencies. That is to say, comments Bitcoin.
While he is a long-term bull on the business, he recently warned that recent price action may have influenced his long-term outlook. Responding to someone who asked him if Bitcoin is bottoming out in the $ 5,000, Brandt observed that if he looked at the “undistorted” cryptocurrency chart, he would see a price “below $ 1,000”, which would require BTC to drop at least 83% from the current price of $ 5,700.
If I interpret the chart without distortion, I would say under $ 1,000
– Peter Brandt (@PeterLBrandt) March 12, 2020
It is unclear whether his belief that Bitcoin will reach $ 50,000 and beyond over time is invalidated, although the asset’s price has recently fallen below one of the long-term growth lines it has traced on its charts, not satisfying well for bulls.
An underlying sign?
Although Brandt has decades of experience and a reputation to maintain, many have taken the $ 1,000 Bitcoin call as a potential sign of a fund.
Cryptocurrency analyst Nunya Bizniz jokingly He watched that “aren’t these the kind of calls you like to see at the bottom?”
This was presumably in reference to December 2018, when many respected industry analysts said they saw legitimate scenarios where the price of Bitcoin would drop to $ 2,000, then $ 1,000 and perhaps even blink.
Aren’t these the kind of calls you like to see at the bottom?
– Nunya Bizniz (@Pladizow) March 12, 2020
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