In a recent Twitter thread, Peter Brandt may be on track to record its fourth correction by as much as 80% since 2011. Brandt shared his assessment in response to a tweet posted by Cheds, a crypto analyst and trader with a nickname, in which he predicted that the Bitcoin price could drop to $12,000.
Bitcoin price to $12,000?
If so, it would be the first time a correction has gone below the previous all-time high. After starting the week on a strong note, Bitcoin has given up most of its gains. The leading cryptocurrency is currently on track to post a 10th straight week in the red after the bullish momentum fades.
Last month, Guggenheim Chief Investment Officer Scott Minerd predicted that the Bitcoin price could eventually drop to as low as $8,000.
Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, sees interest rate hikes by the US Federal Reserve as a key trend for Bitcoin. The largest cryptocurrency is down 56.92% from its record high of $69,044 reached seven months ago.
Read more:
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- The Bearish Bitcoin Price Targets Keep Mounting Amid Concerns Over “Distribution” Of Coins By Long-Term Holders