Analyst Who Predicted Bitcoin Drop In 2018, Reveals When BTC Will Surge
Over the weekend, Bitcoin is significantly lost in value. Active reduction began on November 23. For three days, the cost of BTC decreased by more than $ 500. At the press time, cryptocurrency is trading at $ 6,712, which is equivalent to a daily decline of 8.33%. All cryptocurrencies from the TOP 10 of CoinMarketCap service also demonstrate negative dynamics.
Amid falling prices in the digital asset market, well-known trader and analyst Peter Brandt, who had previously predicted a decline in Bitcoin value after reaching highs in December 2017, gave his vision of the current situation. The specialist believes that before the release of BTC in growth, cryptocurrency should survive another significant drop. The analyst explained his point of view by the need to strengthen the position of buyers.
Tuur, I think a prolonged journey below the line might be needed to thoroughly prepare BTC for the move to $50,000. The bulls must first be fully purged. When no bulls can be found on Twitter, then we will have a great buy signal.
— Peter Brandt (@PeterLBrandt) November 23, 2019
According to Peter Brandt, Bitcoin is moving in the body of the downward channel at the moment.
— Peter Brandt (@PeterLBrandt) November 22, 2019
The local "bottom" of the cryptocurrency specialist designated the level of $ 5500. At the same time, the analyst noted that BTC may take a long time to achieve the goal. According to the forecast of Peter Brandt, bitcoin will reach the bottom only by the summer of 2020.
Amid the decline in the cost of BTC, the cryptocurrency purchase fear index approached peak values. Many participants in the crypto community perceived the decline in bitcoin as an opportunity to purchase more assets at a low price.
My favorite time for making large bitcoin purchases is when the Fear Index is in the extremes.
The Halvening is 171 days away. pic.twitter.com/jhHejv6mUN
— Ghouli (@21MillionCoins) November 24, 2019
Recall that earlier CEO of Euro Pacific Capital presented a forecast according to which the bitcoin exchange rate moves to $ 1 thousand. According to a number of participants in the crypto community, the rhetoric promoted by the Chinese government may be the reason for the fall in prices on the digital asset market.