Bitcoin is expected to undergo some corrections to reach $ 200,000, says Peter Brandt

Charlie Taylor

Veteran Wall Street broker Peter Brandt made a tweet asking his followers how many strong corrections they believe Bitcoin should pass until it reaches its top forecast of $ 200,000. The corrections are falls in the price caused by the realization of investors' profits after a period of high. For the question:

In the 2015-2017 bull market for $ BTC, there were nine corrections in excess of 30%. Since the March 2020 low, there has been only one correction. How many other corrections> 30% will occur before Bitcoin reaches $ 200,000?

About 10% believe that we are already at the maximum, 13% that there will be 7 or more corrections, 15% think that there will be no correction, and the majority, with 60% of the votes, believe that there will be between 1 and 6 corrections. other tweet, Peter said he would be happy to buy during 20% ​​corrections.

Want to earn Bitcoins?
We help you with that.
Open a free account!

So far, the biggest correction in the price of BTC after the bullish cycle started in the fourth quarter of last year, was the drop of around 33% that started on January 8, when bitcoin peaked at $ 42,000 and corrected up to $ 28,000. According to Brandt, a 20% correction would be enough to make the market healthy again.

What will be the top?

The stock-to-flow model, one of BTC's famous price forecasting charts, puts the asset trading at $ 100,000 in 2022. However, in all previous bitcoin bullish cycles, cryptocurrency has overtaken the chart , followed by strong corrections until it stabilized again. For Anthony Pompliano, the bitcoin target for this year is at $ 100,000 and not at $ 200,000, as Peter Brendt believes.

Halving will be a great time for Bitcoin. I don't think the price will go up the next day, but I think from the day we are now, we will see the price of Bitcoin at $ 100,000 by December 2022.

Do you believe that we will see a strong price correction in the coming days? Leave your opinion in the comments section below.Read more: Former SEC chairman says case against Ripple is "totally wrong"

Click to rate this post!
[Total: 0 Average: 0]
Next Post

3 reasons why Peter Schiff tweets more about Bitcoin than gold

Peter Schiff, famous Bitcoin hater and gold lover, has finally revealed what many bitcoiners have been asking themselves why he talks so much more about Bitcoin than gold. Euro Pacific Capital CEO Peter Schiff, a vocal critic of Bitcoin, who believes that gold is much more reliable, answered a provocation […]

Subscribe US Now