Will Bitcoin (BTC) fall to $ 2,000? According to this chart model, yes
Bitcoin is still not very stable and extremely volatile. The increasingly asked question is, where will Bitcoin find its bottom? For the veteran trader, Peter Brandt seems to have found it on his file.
Bitcoin remains very weak
Although traditional markets continue to slide deeper and deeper, it leaves Bitcoin cold. Veteran trader Peter Brandt, who is known for his often accurate Bitcoin predictions, sees it that way. According to her cat, Bitcoin could soon drop to a price of around $ 2,000 if it did Bear flag full.
Will you change your mind (at least in the short term) if the graphic completes a bear flag? pic.twitter.com/tqBTiPXWZw
– Peter Brandt (@ PeterLBrandt) March 22, 2020
“Are you going to change your mind (at least in the short term) when the diagram finishes a bear flag?“
Such a pattern in a graph is formed after a strong downward movement. On March 12, Bitcoin fell 48%, which is the third largest drop in history. The one mentioned by Peter Brandt Bear flag clearly shows the continuation of the downward trend, which is good news for bears that have missed the massive sale before.
The veteran trader recently said that Bitcoin was more likely to fall to $ 0 than hit $ 100,000.
The current price of Bitcoin is below $ 5,800 and it looks like it will drop even more, which is not too bad for Brandt with its chart.
Brand and Turr Demeester of Adamant Capital spoke about the current state of Bitcoin via Twitter. Demeester believes that the sale is understandable due to a liquidity crisis. However, once people find out that their money is devalued, they will pour into Bitcoin.
I’m not worried, no. It is still mainly a liquidity crisis and bitcoin is indeed extremely salable. Once people are more concerned about the value of their money (and compared to the capital controls that accompany devaluations), imo, they will flock to BTC.
– Tuur Demeester (@TuurDemeester) March 22, 2020
“I’m not worried, no. It is still mainly a liquidity crisis, and Bitcoin is indeed extremely salable. Once people are more concerned about the value of their money (and the capital controls that accompany devaluations), they will go to BTC.“
Demeester also mentioned that Brandt’s bearish chart would not change an optimistic stance on Bitcoin if the fundamentals remain the same.