Bitcoin to plunge to $28,000?
The slides that Bitcoin have experienced in the year to date are just beginning, according to one senior (and proven) analyst.
Peter Brandt, the CEO of Factor LLC and a trader that has correctly predicted Bitcoin movement previously, has posted on Twitter that he expects that Bitcoin will plunge from its current position – a little over US$38,000 – to $28,000.
“The completion of a bear channel typically results in a decline equal to the width of the channel, or in this case a hard test of 32,000 or so — my guess is 28,000,” he said via a tweet. The basis of his analysis is this graph, which shows a diagonal trend line that looks set to correct shortly.
It’s important to note that Brandt doesn’t expect this to be a long-term or permanent decline for crypto. Just a few weeks ago he floated the idea that Bitcoin prices could increase by a factor of ten two years from now. Brandt is famous (or, perhaps, infamous) in crypto circles for accurately predicting an 80 per cent decline from the then all-time high Bitcoin price a few years ago.
