August 3, 2021

Newspay

Bitcoin & Ethereum Blockchain News

Legendary Trader Peter Brandt Names Worst-Case Scenario for Bitcoin

Veteran trader Peter Brandt claims that a drop to $21,000 would be the “worst he can envision” for Bitcoin, urging his followers to invest with money they can afford to lose:

Source: u.today

After weeks of ambiguous tweets, Brandt has brought more clarity to the table about his own position. The chartist also writes that he’s currently long Bitcoin despite some bearish calls:

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

Brandt claims that he has reduced his position to 30 percent since the peak but he’s interested in “reloading” it. Earlier this week, the veteran trader asked crypto Twitter to identify a single instance when a 50 percent correction from a new all-time high didn’t result in a 70 percent correction, seemingly implying that the flagship cryptocurrency could see more downside pressure.

Bitcoin is currently trading at $37,958, down over 41 percent from its Apr. 14 all-time high.

Image by tradingview.com