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.


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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"

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