The legendary trader who accurately predicted Bitcoin’s crash in January of 2018 says it is within the realm of possibilities for BTC to lose 40% of its value before bottoming out.
In a new tweet, Peter Brandt tells his 529,000 followers that he could see Bitcoin plummeting to around $20,000 in a worst-case scenario.
“Big picture perspective on owning BTC in appropriate size with money you can afford to lose. The market topped [at] $64,700. The market corrected to $30,000. The worst I can envision is $21,000.
Why would someone bail out of non-leveraged longs when the market already had 80% of worst-case drop?”
Brandt previously predicted a “come to Jesus” event for Bitcoin and the broader crypto market a few weeks before the significant correction on May 20th.
Someday – maybe not this month, this year, this decade – $BTC & cryptos will have a "come to Jesus" correction.
Fortunes/inheritances/life savings will be lost
Losers will be:
-Those that really don't understand cryptocurrencies & cannot stand the pain
-Those that are leveraged
— Peter Brandt (@PeterLBrandt) May 2, 2021
While Brandt appears to be bearish on the largest crypto asset, he believes the odds of Bitcoin hitting $100,000 or higher is greater now than three years ago.
“When BCL (Bitcoin Live) began in late 2018 I thought BTC had a 50% chance for $100,000, $1 million, whatever and 50% chance for zero. I am much more constructive now. Call it 70%/30%, but the job of the bull is to shake out FOMO (fear of missing out) buyers.”
At time of writing, Bitcoin is trading at $36,028, down 4.59% in the last 24 hours, according to CoinMarketCap.