Veteran Crypto Trader And Analyst Peter Brandt Think Bitcoin holding $20K can provide a relief rally.
Due to his on-point predictions, Peter Brandt’s name has been in crypto headlines of late. Recently, he predicted the fall of Ethereum to the $1k price range, and it came to pass.
Then, Peter went all bearish on Bitcoin, saying that the coin could drop all the way to the $13k range. The market events of the last few days seem to be working towards his target.
Now, he has sent out another analytical tweet and claims that Bitcoin’s previous ATH of 2017 could be in for a retest. At the moment, Bitcoin is trading at around $20,890, less than $1k shy of the 2017 ATH.
A retest of $20,000 and 2017 high could provide relief rally in $btc. But remember — relief rally only pic.twitter.com/rQ3O8Is7Bt
— Peter Brandt (@PeterLBrandt) June 16, 2022
A Retest Of Previous ATH
On his part, Peter Brandt thinks that a retest of this level could turn out to be a good thing for Bitcoin right now. According to him, it would open up a chance for a bullish reverse and possibly cause a bull run.
It’s a fact that a lot of investors could do with a crypto bull run especially now that the market has been in a free fall for months. Also, Bitcoin tends to drag the entire market with it, which would also be advantageous to the holders of other cryptos.
A lot of traders and investors now think that the $20k price point could be the major support for BTC right now.
Today A top analyst at Bloomberg Mike McGlone compared $20k Bitcoin to the previous $5k value as a bottom. He thinks that because of diminishing supply $20K is as good price for BTC as $5K two years back.
Fidelity Top Executive Jurrien Timmer also believes that Bitcoin Is Undervalued And Oversold.
NOTE: “Relief Rally”
However, Peter was quick to emphasize that while the ATH retest would result in a bull run, it would be short-lived. He called it a “relief rally.” Relief rallies are common in the crypto market. Incidentally, such a rally, although short-lived, would give those who buy the dip a chance to earn a profit.
Recently Brandt Said that Bitcoin’s “Massive Double Top” can BTC to as low as $13K. Brandt also yesterday advised crypto investors to protect their capital saying “What Good is the Moon When No Money”