Veteran Analyst Peter Brandt Says the Current decline is the fifth worst decline in history.
Veteran market analyst Peter Brandt has taken the edge off his followers by sharing historical data which suggests previous market participants have had it worse.
Brandt said in a tweet, “It should be noted that the current decline in Bitcoin as of today’s low is only the fifth worst bear market in history,” with “the January decline to $164 beneath the previous cycle high of $269 November 2013” proving we are not in uncharted waters.
To engender a calmer perspective amongst market participants, he added that; An 80% decline would be 13,800, and an 85% decline would be 10,350.”
It should be noted that the current decline in Bitcoin as of today's low is only the fifth worst bear market in history. An 80% decline would be 13,800 and an 85% decline would be 10,350. pic.twitter.com/84w8r9KeBf
— Peter Brandt (@PeterLBrandt) November 9, 2022
Peter also asserted bitcoin price falling below the previous cycle’s high could be a game changer.
Notably, last week, The Crypto basic reported that the analyst had taken a U-turn on his previous Bitcoin prediction asserting that the leading crypto asset may not experience another steep price drop, with the veteran trader sharing a picture of himself with the laser eyes to capture his renewed optimism. This came to a couple of days after telling followers to expect a drop to $13k in a “final blow-off” and “market-wide panic,” which have led his followers to applaud his nimbleness in the face of new information.
One Twitter user weighed in on Brandt’s latest tweet; “Wouldn’t be surprised to see us approach the 10k level given the FTX events coupled with the current macro environment. Still optimistic for the long term, though.”
With current lows driven by negative investor sentiment on the back of recent news that despite Binances Letter of Intent, it will not plug the hole in FTX’s balance sheet citing “mishandled customer funds” and “alleged US agency investigations,” it remains to be seen what knock-down effects this will have on the world’s largest cryptocurrency and for how long.
At press time, Bitcoin is down 8.63% in the last 24 hours, according to data on Coinmarketcap.
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