Peter Brandt once again knew: Bitcoin price drops to $ 5,500
The 25 percent flash collapse that sent the price of Bitcoin back to the $ 5,500 level was linked to the coronavirus, the ultimate black swan incident that sent all global markets to the death spiral. However, Peter Brandt, a commodity trader with decades of experience, said that this price will happen long before the outbreak occurs. If the bulls do not make a big comeback before the daily closing, March 12, 2020 has been on track to become the worst day of Bitcoin since 2013.
While investors are thinking black, some now admit that they should listen to Peter Brandt. In September 2019, the legendary analyst predicted that BTC could fall to $ 5,500 in February 2020 before starting a new parabolic run. This estimate was made when the analyst's price slipped below $ 6,000. In late February, the analyst released a sinister head and shoulders pattern that heralded today's big fall.
Analyst estimates that after $ 5,500, Bitcoin will rise to $ 50,000
During the day, Peter Brandt predicted that BTC could make a month towards $ 50,000 after dropping to $ 5,500. He later increased his 2020 target to $ 100,000. However, according to the analyst, BTC is still in the multi-year bear market and it is unclear whether it is still based on bullish forecasts.
Also, according to the analyst, caution should be exercised in investment decisions, as BTC's drop below $ 3,200 (bottom price in December 2018) may be the end of the story of Bitcoin.