When everyone was optimistic about Bitcoin, veteran commodity trader Peter Brandt made a rather heartbreaking prediction. It looks like Brandt is betting that the Bitcoin price is plummeting to zero.
Peter Brandt is famous for the Bitcoin price forecasts in the market
Back in September 2019, Peter predicted that Bitcoin prices would bottom in February 2020, and his prediction was entirely accurate at $ 5,500. Unfortunately, his recent predictions are not overly optimistic. According to Peter’s unbiased interpretation, the Bitcoin price could reach under $ 1,000. He seems his bets on Bitcoin (BTC) even plunging to zero.
If I interpret the chart without bias, I would say sub $1,000
— Peter Brandt (@PeterLBrandt) March 12, 2020
According to Brandt, Bitcoin can reach $ 100,000 or $ 0. After the May 12 accident that scared even the most ardent bulls, he now relies on the second scenario.
He even stated that BitMEX’s liquidations could be cascaded to zero if the exchange failed to pull out the plug. This means that Brandt’s uberbearish price call is not that far-fetched.
Meanwhile, Peter Schiff, CEO of Euro Pacific Capital, whose Bitcoin tweets are often regarded as an opposition index, finally got a chance to brag about this exact price prediction.
With the #Bitcoin halving just two months away and global financial markets in turmoil, the news couldn’t be more bullish for Bitcoin. Yet the price action couldn’t be more bearish. Looks like it’s Bitcoin’s price that will be halved! Not exactly the halving hodlers expected.
— Peter Schiff (@PeterSchiff) March 9, 2020
Schiff posted an old joke about the price of BTC being halved just two days before it dropped to 50%.
However, the market cap of gold erased eight Bitcoin market caps in four days despite being considered a robust store of value.
What is the new low of Bitcoin?
From January 2020 to February 2020, we have witnessed the phenomenal growth of prices. Blaming the Coronavirus outbreak of the global economic crisis, the Bitcoin price lost all its growth in 2020 and dropped even lower.
On March 8, cryptocurrency trader Easymoney75 also predicted several similar patterns. That’s because he believes the parabola running from $ 6,400 – $ 10, 500 is not a fact. And we have many reasons to find him now.
According to Peter, an actual parabolic run never loses its acceleration gradient. But we have seen Bitcoin lose Parabolic growth from January to February 2020 in a short period. Besides, Easymoney75 also expects Bitcoin to bottom out by releasing 80% of the Parabolic growth. And that is what we have seen.
Parabolic run for #Bitcoin, from $6,400-$10,500. It will likely give back 80% of that move, before it bottoms.
General TA rule — violation of parabolic advance leads to 80%+ decline in value.
“A true parabolic run never loses it’s accelerated slope.”
-Peter Brandt— EASYMONEY7 (@EASYMONEY75) March 8, 2020
Dan O’Brien was curious about what Peter saw in charts that people were not seeing. In this regard, Peter answered that he always believed that there was a 50% chance that the price of Bitcoin would surpass $ 100,000 by 2021. And the other 50% chance that Bitcoin would return to ‘0’.
All along I have stated my belief that there was a 50% chance BTC was going to $100,000 and a 50% chance it would go to $0, or literally zero. Once we broke through 7500 I place my bets on zero.
— Peter Brandt (@PeterLBrandt) March 13, 2020
As soon as BTC lost the support of $ 7,500, his confidence in BTC heading to 0 was strengthened.
Read more:
- As Financial Markets Plummet, Will Warren Buffett Buy The Dip In Bitcoin Though?
- Bitcoin Soared 14.3% To $ 5.9k When US Fed Cut Interest Rates To 0%, US Stocks Were Still Reeling, Gold Price Rebounded