Could Bitcoin drop to as low as $12,000? Peter Brandt weighs in
In a recent Twitter thread, the Peter Brandt cryptocurrency may be on track to record its fourth correction of up to 80% since 2011.
Brandt shared his assessment in response to a tweet posted by Cheds, a pseudonymous cryptocurrency trader and analyst, in which he predicts that the flagship cryptocurrency could end up dropping to $12,000.
If so, it would be the first time a correction has broken below the previous all-time high.
After starting the week on a strong note, Bitcoin gave up most of its gains. The leading cryptocurrency is now on track to record its tenth consecutive week in the red after the bullish momentum fizzled out.
Last month, Guggenheim Chief Investment Officer Scott Minerd predicted that the price of Bitcoin could eventually fall to $8,000.
Mike McGlone, senior commodity strategist at Bloomberg Intelligence, sees the U.S. Federal Reserve’s hiking of interest rates as the main headwind for Bitcoin.
The biggest cryptocurrency is down 56.92% from the all-time high of $69,044 reached seven months ago.
