Per a previous prediction, Brandt had stated that Bitcoin’s price could crash to as low as $20,000.
While many crypto enthusiasts and experts have seen many of their price predictions for Bitcoin hit the doldrum after the value of the digital coin nosedived in May, one expert trader has remained bullish about the asset. Veteran trader, Peter Brandt, in one of his most recent tweets has stated that the asset could still touch as high as $100,000 before the end of the year. According to the trader, he explicitly stated that he “believes in the narration that BTC will reach $100k.” Peter Brandt had made this statement when he called on other crypt traders to determine if the Bitcoin inverted chart was bearish or bullish.
Bitcoin Price Prediction by Peter Brandt
Per a previous prediction, Brandt had stated that Bitcoin’s price could crash to as low as $20,000. If this happens, this would represent a 69% price correction of the asset. Thus, according to Brandt, this is the lowest level that he could ever imagine for Bitcoin despite the May 19 correction. Bitcoin had retraced to around $30,000 level after hitting an all-time high of $64,000 in April. 14.
It is worth noting that the previous market cycle had an 84% drawdown from the Dec. 2017 ATH. During this year of its blistering rally, BTC saw multiple corrections that never exceeded Peter’s predictions. Interestingly, Peter Brandt has been credited for a correct prediction; also worth remembering is his Bitcoin’s price prediction of 2018.
In March, he suggested that BTC could still rally, however with corrections alongside, and that was seen on April 14 and May 19.
According to him in March, he expected that by Q3 or Q4, Bitcoin would be reaching $180,000 to $200,000 on its long-term trend channel.
Bitcoin (BTC) Price Still Trading around $36,000
As of press time, Bitcoin is trading around $36,508 according to available data from Coinmarketcap. This is despite news of El Salvador, a Central American country, preparing to adopt the digital coin as a legal tender.
President Nayib Bukele made this declaration during the Bitcoin 2021 conference where he also disclosed that the country had partnered with Strike to build a Bitcoin technology system.
The President stated that the adoption of BTC by the country would lead to more financial inclusion for citizens who are majorly cash-dependent.
Away from this, the leading asset management firm, Ruffer, has also made over $1 billion through its Bitcoin sales.
Per a report from Coinspeaker, the UK-based asset management firm made more than $1 billion from its Bitcoin investments in five months. The UK-based company said one of the reasons it sold its crypto is because young people are currently not focusing on crypto trading.
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