Bitcoin Bulls Haven't Capitulated Yet, says Veteran Analyst Who Called BTC’s 84% Decline in 2018
Peter Brandt, a widely followed cryptocurrency analyst well-known for accurately calling bitcoin’s 84% decline in 2018, has revealed he doesn’t believe bitcoin bulls have yet capitulated this cycle as he hasn’t seen a bottom occur with a high volume of panic capitulation.
In an update shared with his over 600,000 followers on the microblogging platform Twitter, Brandt followed up on a tweet he published back on December 20, 2021, where he noted key bitcoin price bottoms “have occurred with high volume panic capitulation.” In a chart, he revealed that hasn’t yet happened this cycle.
Brandt is well-known for interpreting chart patterns and accurately calling movements. As CryptoGlobe reported, last year the analyst revealed he believes bitcoin could hit $200,000 this bull cycle while enduring several corrections along the way.
Brandt isn’t just known for accurately calling BTC’s 2018 bear market, as the analyst has in the past made other correction predictions for the cryptocurrency’s price. In April 2019, the analyst set a $50,000 price target for the cryptocurrency “in the next two years.”
The price of bitcoin crossed the $50,000 mark early last year and hit a new all-time high near $64,000 before enduring a correction that saw it retest the $30,000 mark. It has since recovered to be over $60,000 again, but ultimately failed to make a new high and is now trading at $47,000 a coin.
Notably, president of El Salvador, Nayib Bukele, has predicted that the price of bitcoin will hit $100,000 this year and that two more countries will adopt BTC as legal tender. To Bukele, bitcoin will “become a major electoral issue in US elections this year.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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