Worst-Case Scenario for Bitcoin?

Posted by Jeffrey Sloe on June 07, 2021 - 2:17am

Here Is the Worst-Case Scenario for Bitcoin, According to Veteran Analyst and Crypto Trader Peter Brandt

By Daily Hodl Staff • June 6, 2021 // BITCOIN // TRADING

The legendary trader who accurately predicted Bitcoin’s crash in January of 2018 says it is within the realm of possibilities for BTC to lose 40% of its value before bottoming out.

In a new tweet, Peter Brandt tells his 529,000 followers that he could see Bitcoin plummeting to around $20,000 in a worst-case scenario.

“Big picture perspective on owning BTCin appropriate size with money you can afford to lose. The market topped [at] $64,700. The market corrected to $30,000. The worst I can envision is $21,000.

Why would someone bail out of non-leveraged longs when the market already had 80% of worst-case drop?”

Brandt previously predicted a “come to Jesus” event for Bitcoin and the broader crypto market a few weeks before the significant correction on May 20th.

While Brandt appears to be bearish on the largest crypto asset, he believes the odds of Bitcoin hitting $100,000 or higher is greater now than three years ago.

“When BCL (Bitcoin Live) began in late 2018 I thought BTC had a 50% chance for $100,000, $1 million, whatever and 50% chance for zero. I am much more constructive now. Call it 70%/30%, but the job of the bull is to shake out FOMO (fear of missing out) buyers.”

At time of writing, Bitcoin is trading at $36,028, down 4.59% in the last 24 hours, according to CoinMarketCap.

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Featured Image: Shutterstock/ RossEdwardCairney