Bitcoin (BTC) maybe has traded at price $5,500 for some months before recovering, one of the best-known analysts in the sector warned.
Trader Peter Brandt
Bitcoin Price at floor $5,500
In a tweet on Nov. 23, Peter Brandt, CEO of Factor LLC and also the legendary trader, said that his target for Bitcoin price is $5,500 – not too low compared to the current low.
I think you are correct — in terms of price anyway. My target of $5,500 is not far below today’s low. But I think the surprise might be in the duration and nature of market. I am thinking about a low in July 2020. That will wear out bulls quicker than a price correction.
— Peter Brandt (@PeterLBrandt) November 23, 2019
Negative pressure had plunged markets on the day, makes BTC/USD down at under $7000. Further, as AZCoin News also reported before, if $6000k continues to be broken out, significantly support would exist in the range of $ 5800-5000.
Besides, Brandt underlined “the duration and nature” of the market might be surprised. We could continue that trend and make it last longer than the general consensus suggests. Especially, when thinking about a low in July next year, he said, that thing will “wear out bulls” faster than the price correction.
A thing that opposite with current prevailing mood
If occurring the thing that price halving before block reward halving, it would be opposite with the current prevailing mood among Bitcoin observers. For example, the popular Stock-to-Flow model predicts the Bitcoin price average is $8,300 for BTC/USD until May 2020.
Additionally, at that point, the block reward halving event will active a bull market. Early this week, in a live YouTube discussion about Bitcoin’s future with an analyst – Willy Woo, trader Tone Vays suggested its impact should be in evidence even several months in advance. However, both the trader and analyst admitted Bitcoin Price absolutely can down to $4,500 – even lower than Brandt anticipates.
Moreover, Bitcoin has dipped more than 15% the week, according to Woo, that will characterize markets in the future. He added he has expected “Short term bearish to trigger a reversal”.
In July this year, as BTC/USD reduced below $9,500 after it’s got to highs of $13,800, Brandt warned the crypto industry should see losses of up to 80% of that peak, which put it at just $2,760.
While the parabola in BTC was subject to different renderings, the parabola in the total market cap chart was loud and clear. Total cap should correct 80%. Most of the damage of decline will occur to altcoins. pic.twitter.com/DssCIL4H0R
— Peter Brandt (@PeterLBrandt) July 16, 2019
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