Veteran trader Peter Brandt hinted in a tweet that Bitcoin will go through deep price corrections before it hits the $ 200,000 mark. Brandt points to the 2015-17 Bull Run when Bitcoin went through corrections similar to the precedent the crypto-asset could follow about nine times.
Further corrections expected
Hence, Brandt is ask his Twitter followers predict the number of similar 30% price corrections they anticipate beforehand BTC ultimately comes to $ 200,000. As Brandt explains in the tweet, the crypto asset has already undergone such a correction since the price drop in March 2020.
Still, the crypto asset, the price of which rose more than 300% in 2020, has been on an upward trend since then. On February 21, the crypto asset hit a new all-time high of $ 58,228, according to Messari data. As a result, some Bitcoiners are now predicting that a price of $ 100,000 can be reached in 2021.
In the meantime, the reaction to Brandts on Twitter BTC The price forecast and his expectation of major corrections were inconsistent. Some users seem to agree with Brandt’s suggestion that there will be many fixes before the $ 200,000 price point hits. Still others think BTC will even exceed $ 200,000 while many believe the number of corrections will be less this time.
Bitcoiners expect fewer corrections
For example, in her reply to Brandt, one user named Tho said::
Couldn’t tell as the end of this bull run is $ 298,000, not $ 200,000. If you ask how many times, the answer is six times. it’s mean that 4 more times.
Another user, Mike Thomas, says there will be a significant correction at around $ 100,000. Still Thomas argued: “Given the (increased) number of coins going offline, the increased demand and another black swan event, I think that corrections of more than 30% are a thing of the past.”
Meanwhile, another user known as Frank Squisher insists that “as the speed of this parabolic climb increases, the next correction could be the last … If it slows down a bit, we may be able to do another before the last run make a big correction – above. “
Still, not all users are convinced that the crypto asset will reach $ 200,000. One such user, London Hold, asks, “The question is, do you think we’re going to hit 200,000?”
Meanwhile, on February 22nd, Bitcoin (BTC) Prices fell significantly to $ 47,500 after briefly exceeding the $ 55,000 value. BTC quickly lost 13.63% in value on Monday but has since regained some of the losses.
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Do you agree with that BTC will there be many corrections before it hits the $ 200,000 mark? Let us know what you think in the comments section below.
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