Cryptocurrency
Trader who called bitcoin’s 84% decline now predicts this
As reported by Yahoo!, “Bitcoin has had a brutal 2018. “The world’s largest cryptocurrency by market cap has cratered nearly 84% since its meteoric rise topped out at an all-time high of $19,870 in December 2017. “But just after bitcoin (BTC-USD) peaked, amidst the maddened buying frenzy, veteran technical trader Peter Brandt made a particularly […]
As reported by Yahoo!, “Bitcoin has had a brutal 2018.
“The world’s largest cryptocurrency by market cap has cratered nearly 84% since its meteoric rise topped out at an all-time high of $19,870 in December 2017.
“But just after bitcoin (BTC-USD) peaked, amidst the maddened buying frenzy, veteran technical trader Peter Brandt made a particularly prescient call, which has recently resurfaced in crypto circles. Back in January, he called for an 80% retrace of bitcoin’s parabolic advance, predicting a $3,933 price target. Bitcoin is currently trading around $3,900.
“Brandt, a 71-year-old trading veteran, told Yahoo Finance it wasn’t a particularly difficult call to make considering other parabolic advances have typically resulted in a similar crash. And he shared his latest bitcoin forecast.
“’I’ve seen that sort of thing take place so many times in the past,’ he said. ‘And they always end the same — prices always fall 80% to 90%.’
“But now that Brandt’s prediction has played out, he foresees less drastic price swings in bitcoin’s near future, despite a recent rebound from about $3,000 to near $4,000 in just the past week.”