Expert Trader Peter Brandt Says 50% Chance Bitcoin Can Go to Zero

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Veteran dealer and technical analyst Peter Brandt reiterated that the value of bitcoin (BTC) has a 50% likelihood to drop to $0 – additionally noting that the world’s primary crypto has an “asymmetrical reward-to-risk commerce.”

Brandt said that, for greater than 4 years now, he has been saying that BTC can certainly climb to tons of of hundreds of {dollars} per coin – and that it has a 50% likelihood to accomplish this.

At the identical time, the remaining 50% may lead it to the very reverse and its full failure.

“This I nonetheless imagine,” wrote the dealer, “but it surely implies that BTC represents a extremely asymmetrical reward-to-risk commerce.”

How low might BTC drop earlier than the bull returns? 

Just yesterday, Brandt requested his 676,427 followers on Twitter what they suppose how low BTC would fall earlier than the subsequent bull market begins. A majority of 24,223 voters, or 41.5%, mentioned $12,000, whereas 30% argued {that a} low has already been established.

Back in February, as reported, when Russia invaded Ukraine, BTC had tumbled, but in addition recovered a few of its losses comparatively shortly.

“I feel we want a [washout] on massive quantity in BTC to purge the final of the laser eyes. I’m pondering sub $27,000 then I’ll have a look. We might bounce from $30,000 first, we’ll see,” Brandt instructed on the time. He added that the longest-term narrative for BTC was nonetheless legitimate.

In June, Brandt wrote that the $20,000 stage, which marked the excessive of the 2017 bull market, “might present [a] reduction rally” for bitcoin, though he appeared much less optimistic concerning the longer-term outlook, stressing: 

“But keep in mind — reduction rally solely.”

On Monday morning (8:25 UTC), BTC was buying and selling unchanged over the previous day, sitting at $19,198. Over the previous week, it went up 2.1%. It dropped practically 4% in a month and 60% in a 12 months. It’s additionally down 72% from its all-time excessive of $69,044 recorded in November final 12 months.



Learn extra: 
– Billionaire Stan Druckenmiller Predicts Bright Future For Cryptos Amid Recession Forecasts
– Crypto Derivatives Industry ‘Expects’ Severe Regulation, Bitcoin’s Price to Return to USD 65K – Report

– Galaxy Digital’s Novogratz Doubts Bitcoin Will Pass USD 30,000 Barrier Soon
– Why Going Long on the Bitcoin Price is a Better Bet Than Holding the British Pound Right now

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