The crypto strategist, who accurately predicted Bitcoin’s 2018 crash, offers his view of the markets after BTC’s first major correction since its swift rise to a high of $ 19,390.
In a new tweet, Peter Brandt tells His 383,000 followers said Bitcoin’s current withdrawal is not an indication that the bull market is over.
“BTC can continue to correct, but prices have NOT increased.”
The widespread trader refers on the 2015-2017 bitcoin bull market, where there were nine notable corrections with an average decline of 37%.
Brandt says that a 37% decline from BTC’s recent high would bring prices down to $ 12,300.
“The interesting thing about the psychology of market speculation is this: a lot of traders who vowed to buy a big dip when the price was above $ 19,000 actually become sellers below $ 15,000.”
Although Brandt expects a painful bitcoin retracement, crypto analyst Michaël van de Poppe doesn’t see BTC drop to around $ 12,000. In a new video is Van de Poppe Mapping off the levels at which buyers would likely step in and stop the BTC bleeding.
“Now, if we use the graph with the higher timeframe, we see that there are some critical levels that the market should hold, ie the zone between $ 15,800 and $ 16,300. That should generally count as support …
We also have one between $ 13,600 and $ 14,000, which is the high point of summer. It is unlikely that we will break any further towards $ 12,000. I think the $ 13,600 to $ 14,000 level is already the level we will maintain. “
Selected image: Shutterstock / Kunstofen