Decline Soon
On January 22 of this year, 71-year-old veteran trader Peter Brandt predicted an 80% BTC price decline to $ 4,000, based on the general rules of technical analysis. This forecast is fully confirmed.
In an interview for Yahoo! Brandt said that other markets in which parabolic progress was observed in a similar way were always the same.
Despite the recent rebound, which resulted in Bitcoin rising from $ 3,200 to almost $ 4,000, Brandt believes that the decline to the maximum of 2013 at $ 1,200 is still quite realistic:
Crypto will not have friends at that time.
Brandt makes it clear that he simply points to typical movements in financial markets and is in no way a critic of Bitcoin or other cryptocurrencies, also stating that a return to December 19 December high of $ 19,000 is still possible for BTC.
Speaking about the current rally, he believes that this is most likely a “rebound of a dead cat”, and at best, the BTC will reach $ 4,600 dollars and then go down to $ 3,000 in the first quarter of 2019.
BTC is currently trading at $ 3,803. Relative Strength Index (RSI) for BTC / USD is turning up, indicating further recovery. However, if the bears manage to push the price below $ 3,500, BTC will be able to find support for only about $ 3,380.
And what do you think about this? Is Peter Brandt right in his predictions?
