Veteran trader Peter Brandt is convinced that Bitcoin could still reach $100,000 in the long-term in spite of a recent correction, according to his June 7 tweet.
This comes after he challenged other cryptocurrency traders to determine whether Bitcoin’s inverted chart was bearish or bullish.
As reported by U.Today, Brandt recently mentioned that $20,000 is his worst-case scenario for Bitcoin. This would mark a 69 percent correction for the largest cryptocurrency. Bitcoin peaked at $64,854 on Apr. 14 but it then retraced all the way back to $30,000 on May 19.
During the previous market cycle, Bitcoin saw an 84 drawdown from the December 2017 top. While Bitcoin had multiple severe corrections during its blistering rally in 2017, none of them exceeded Peter Brandt, a fact that recently caught Brandt’s attention.