Veteran trader sees $ 0 Bitcoin (BTC) absolute bottom
All markets are currently facing enormous turbulence. No market seems certain and what turns out to be a haven of peace is invisible. Bitcoin should play this role for the crypto world, but it goes down with all markets. Where will he find his floor?
Bitcoin drops to $ 0?
The price of Bitcoin still does not seem to find a stop, which is why it is not clear to many where the bottom will be reached. For veteran trader Peter Brandt, who is also recognized in the world of cryptography, it is clear that BTC could find its bottom in the midst of this market turmoil.
Throughout, I have stated that I believe there is a 50% chance that the BTC will reach $ 100,000 and a 50% chance that it will reach $ 0, or literally zero. Once we have crossed 7500, I place my bets on zero.
– Peter Brandt (@ PeterLBrandt) March 13, 2020
After his last tweet from last week, Peter Brandt commented on the current course. For him, it is clear that the BTC can go directly to zero. Brandt sees a 50/50 chance that Bitcoin will hit $ 100,000 or 0. However, after Bitcoin collapsed during the market crash last week, he sees a greater chance of it becoming zero.
Brandt also commented on an earlier tweet, sharing lessons from past market failures, including the global financial crisis of 2008. In that tweet, he called the low of $ 5,500 after it fell, and said the BTC can now go below $ 1,000.
Peter Schiff, the well-known gold bug and crypto critic, also spoke on Twitter. Schiff once again criticized Bitcoin’s status as a haven of peace amid the turbulence of the corona virus. He said that BTC’s current conditions should have been optimistic instead of collapsing with the whole market.
With the #Bitcoin halving in just two months and the global financial markets in turmoil, the news couldn’t be more optimistic for Bitcoin. However, the price action could not be more bearish. It looks like it’s the price of Bitcoin that will be cut in half! Not exactly half the hodlers expected.
– Peter Schiff (@PeterSchiff) March 9, 2020
No one can predict where the final soil will be, that’s for sure. It is however obvious that Bitcoin is currently not a safe haven, as it works in parallel with traditional markets. Depending on the currency, the traditional market is doing well, Bitcoin is also doing well.