Bitcoin may suffer several corrections on its way to $200k, suggests Peter Brandt

 Bitcoin may suffer several corrections on its way to $200k, suggests Peter Brandt


Peter Brandt, veteran dealer and writer of “Diary of a Skilled Commodity Dealer,” identified that whereas Bitcoin’s (BTC) worth might attain $200,000, historical past reveals that it’s vulnerable to huge corrections of 30% or extra.

“Within the 2015-2017 bull market in $BTC, there have been 9 corrections exceeding 30%. Because the Mar 2020 low, there was just one such correction,” Brandt identified, including, “What number of extra corrections > 30% will happen earlier than Bitcoin reaches $200,000?”

In accordance with the ballot posted by Brandt yesterday, over 60% of over 15,500 respondents imagine that there’s certainly a excessive chance that Bitcoin would see from one to 6 main corrections—greater than 30%—earlier than its worth reaches $200,000.

On the identical time, solely 12.2% of respondents mentioned that BTC will endure seven or extra corrections. One other 10.9% are assured that Bitcoin is topping now—which implies that BTC is at its highest worth level, at the very least for a while.

In the meantime, 16.2% of customers, maybe on the extra “Bitcoin maximalist” aspect of the size, mentioned that they don’t anticipate any corrections on the way in which to $200,000 as a result of it’s “moon from right here.”

At the moment, Bitcoin is buying and selling at round $56,000, down 1.5% on the day, in keeping with crypto metrics platform CoinGecko.

Bitcoin’s worth chart. Picture: CoinGecko

Whereas some customers replied to the ballot with skepticism, noting that “the meme 80% correction could also be a factor of the previous,” it’s arduous to argue his suggestion if one to take a look at the historical past of Bitcoin—which continues to be a particularly unstable asset.

Only recently, the coin corrected by over 30% when it dipped from $42,000 on January 8 to round $28,900 on January 22, for instance. On this gentle, it’s not past cause to counsel that related worth actions might happen sooner or later—or not.

Replying to the thread, crypto dealer and investor Scott Melker, aka “The Wolf Of All Streets” on Twitter, reiterated that “the massive cash is just not within the shopping for or promoting however within the ready.”

Echoing this sentiment, Brandt famous that he can be “glad” to purchase some extra Bitcoin if the crypto’s worth corrects by 20% or extra.

“I’d be a cheerful purchaser on all 20% corrections for now,” Brandt replied to one of many commenters,” he mentioned.

As CryptoSlate reported, Tesla CEO Elon Musk has just lately mentioned that solely a “idiot” wouldn’t look into Bitcoin.

Bitcoin, at the moment ranked #1 by market cap, is down 6.93% over the previous 24 hours. BTC has a market cap of $991.63B with a 24 hour quantity of $65.07B.

Bitcoin Worth Chart

BTCUSD Chart by TradingView

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