Analyst Peter Brandt believes that Bitcoin and Gold will both look towards the $ 1,000 milestone when he thinks Gold’s $ 1,400 support level will not hold. Bitcoin investors who still hold their money after the 38% crash on March 12 probably don’t want to miss a rally after Halving. However, with the unique rally just 55 days away, the bullish narrative around it continues to crumble.
Peter Brandt, popular technical analyst
Brandt: Only “miracles” can save Bitcoin
In a March 16 tweet, Peter Brandt warned that if Gold could not hold its price of $ 1,350, the precious metal could plunge to a three-digit price.
This analyst said:
“Gold will need to stop the decline at $ 1,400. If the price continues to drop below $ 1,300, the next price we can see will be $ 1,050.”
Gold and Bitcoin have both been on a downward trend in the past month, as the Corona epidemic has been getting worse and worse, dragging the rise of many stocks as well as economies.
Just in the past week, Gold plunged from a peak of $ 1,680 to the threshold of $ 1,480, and this is a reduction of up to 12%. Brandt asserted that the price of Bitcoin could even plunge to the $ 1,000 threshold unless there were a stimulus, which helped the price of the coin jump.
Bitcoin halving = #Grossly_over_rated
The daily trading volume of BTC = the REAL supply of BTC
The daily reduction of mined $BTCs (NEW supply) equals approx 2/100th of 1% of REAL supply
Reduction of NEW supply b/c of halving as % of REAL supply = chump change
— Peter Brandt (@PeterLBrandt) March 17, 2020
After halving, according to Brandt’s calculations, Bitcoin’s daily supply will be reduced by one percent from its trading volume, which he understood as the ‘true supply’.
Although the analyst did not specify what kind of news would be suitable for Bitcoin, he still believes that the current risks of Bitcoin are still quite high, and there is no sign that money will flow into this asset.
When asked if Tether will help support the Bitcoin market, the expert briefly said:
“Tether is just a fake legal tender.”
Peter Schiff: The economy is “jumping from the roof to the ground”
A gold-backed analyst, Peter Schiff, now has little confidence in the health of the market. Peter Schiff, a condemning critic of Bitcoin, likens the current scenario of the market as “jumping from the roof to ground”.
Schiff said:
“It seems we are jumping from the rooftop of some high-rise building, as if from the top of the Empire State Building. I don’t see any solution to help the economy out of the current scenario. All we can do is look at the effects that may occur to us.”
In another perspective, as reported in January this year, analyst Peter Brandt once believed that before the Corona epidemic, Bitcoin would never fall below the $ 6,000 threshold. And look at what happened?
Source: TradingView
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