Peter Brandt, experienced trader and author of “Diary of a Professional Commodity Trader”, comments after Bitcoin’s recent crash that the price of Bitcoin (BTC) could reach $ 200,000 – but history also shows that it is vulnerable to massive corrections of 30 % or more.
“In the 2015-2017 bull market in $ BTC there were nine corrections of more than 30%. Since the low in March 2020 there has only been one such correction, ”said Brandt.
“How many more corrections> 30% will occur before Bitcoin hits $ 200,000?”
According to the survey that Brandt published yesterday, over 60% of the 15,500+ respondents believe there is actually a high probability that Bitcoin will experience one to six major corrections – more than 30% – before its price reaches $ 200,000.
At the same time, only 12.2% of respondents said BTC will suffer seven or more fixes. Another 10.9% are confident that Bitcoin has now peaked – meaning BTC will be at its highest price point for at least some time.
16.2% of users, perhaps on the more “Bitcoin maximalist” side of the scale, comment that they don’t expect any corrections on the way to $ 200,000.
Bitcoin is currently trading at around $ 47,000, according to the crypto metric platform CoinGecko.
While some users are skeptical of the survey, commenting that “the 80% corrective meme may be a thing of the past,” it’s hard to argue against it when looking at the history of Bitcoin – which is still an extremely volatile investment .
Just recently the coin corrected by over 30%, for example when it fell from $ 42,000 on January 8th to around $ 28,900 on January 22nd. Viewed in this way, it is not beyond common sense to assume that similar price movements could occur in the future.
The Wolf Of All Streets” comments that “the big money is not in buying or selling, but in waiting.”
Brandt comments that he would be “happy” to buy more Bitcoin if the price corrects by 20% or more.
“I would be a happy buyer for all 20% corrections,” says Brandt.
Previously, Tesla CEO Elon Musk had said that only a “fool” would not look at Bitcoin.
Proof of text: Cryptoslate