Can Bitcoin Drop to $12,000? Peter Brandt weighs in
In a recent Twitter thread, crypto Peter Brandt may be on track to record his fourth correction since 2011 to 80%.
Brandt shared his comment in response to a tweet posted by pseudonymous crypto trader and analyst Cheds, in which he predicted the leading cryptocurrency could drop to $12,000.
If so, this 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 major cryptocurrency is now on track to record its tenth consecutive week in the red after the bullish momentum ended.
Last month, Scott Minerd, chief investment officer of the Guggenheim, predicted that the price of bitcoin could drop to $8,000.Mike McGlone, senior commodity strategist at Bloomberg Intelligence, sees the US Federal Reserve’s interest rate hike as the main headwind for bitcoin.
The largest cryptocurrency is down 56.92% from the all-time high of $69,044 it achieved seven months ago.