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Veteran trader who called 2018 Bitcoin collapse now predicts 35% crash
Peter Brandt is a veteran trader who has been active in the futures market since 1975. A self-proclaimed "market wizard," he has nailed multiple predictions across crypto, commodities, and forex.
Not only did he call the historic gold reversal in the 1980s, but he also correctly predicted that Bitcoin (BTC) would crash below $4,000 in 2018. BTC was trading north of $10,000 when he made the shocking prediction. Lo and behold, the king coin indeed fell below the $4,000 mark in December 2018.
Brandt's technical analysis of price charts to assess their future trajectories has earned plaudits from the global trading community, and he is one of the most closely watched analysts when it comes to digital assets.
Peter Brandt predicts 35% Bitcoin crash
The crypto market is going through another major crash now, and BTC, which only last month hit a new record high above $123,000, is struggling to hold above $90,000. Within the last 24 hours, BTC's price has crashed by 4.5% and more than $140 million in BTC positions have been liquidated.
Now, Brandt has issued another shocking prediction. On Nov. 19, he shared a BTC price analysis chart in which he highlighted how a minor breakout on Nov. 11 was quickly followed by eight days of "lower highs." It means the price has since been continuously declining.
Further, he pointed to "the completion of a massive broadening top." Here, a broadening top refers to the pattern of higher highs and lower lows, which he said is ending. It means BTC could now break down. The next price targets for Bitcoin are $81,000 and $58,000, he predicted and said.
If Brandt's prediction indeed comes true as it did in 2018, Bitcoin could crash 35% to as low as $58,000, and it will mark one of the worst crypto crashes ever.
This article has been published in thestreet.com via Yahoo News.
Veteran trader who called 2018 Bitcoin collapse says buyers will puke at $60K
Peter Brandt is a veteran trader who has been active in the futures market since 1975. A self-proclaimed "market wizard," he has nailed multiple predictions across crypto, commodities, and forex. Not only did he call the historic gold reversal in the 1980s, but he also correctly predicted that ...
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