Bitcoin might endure a number of corrections on its technique to $200k, suggests Peter Brandt

Peter Brandt, veteran dealer and creator of “Diary of a Skilled Commodity Dealer,” identified that whereas Bitcoin’s (BTC) worth may attain $200,000, historical past exhibits that it’s susceptible to huge corrections of 30% or extra.

“Within the 2015-2017 bull market in $BTC, there have been 9 corrections exceeding 30%. For the reason that Mar 2020 low, there was just one such correction,” Brandt identified, including, “What number of extra corrections > 30% will happen earlier than Bitcoin reaches $200,000?”

Within the 2015-2017 bull market in $BTC, there have been 9 corrections exceeding 30%

For the reason that Mar 2020 low, there was just one such correction

What number of extra corrections > 30% will happen earlier than Bitcoin reaches $200,000?

— Peter Brandt (@PeterLBrandt) February 21, 2021

In keeping with the ballot posted by Brandt yesterday, over 60% of over 15,500 respondents consider that there’s certainly a excessive likelihood that Bitcoin would see from one to 6 main corrections—greater than 30%—earlier than its worth reaches $200,000.

On the identical time, solely 12.2% of respondents mentioned that BTC will endure seven or extra corrections. One other 10.9% are assured that Bitcoin is topping now—which implies that BTC is at its highest worth level, at the very least for a while.

In the meantime, 16.2% of customers, maybe on the extra “Bitcoin maximalist” aspect of the size, mentioned that they don’t count on any corrections on the best way to $200,000 as a result of it’s “moon from right here.”

At the moment, Bitcoin is buying and selling at round $56,000, down 1.5% on the day, based on crypto metrics platform CoinGecko.

Whereas some customers replied to the ballot with skepticism, noting that “the meme 80% correction could also be a factor of the previous,” it’s arduous to argue his suggestion if one to take a look at the historical past of Bitcoin—which continues to be a particularly risky asset.

Only recently, the coin corrected by over 30% when it dipped from $42,000 on January 8 to round $28,900 on January 22, for instance. On this gentle, it’s not past cause to recommend that comparable worth actions may happen sooner or later—or not.

“The large cash just isn’t within the shopping for or promoting, however within the ready.”

— Charlie Munger

— The Wolf Of All Streets (@scottmelker) February 21, 2021

Replying to the thread, crypto dealer and investor Scott Melker, aka “The Wolf Of All Streets” on Twitter, reiterated that “the large cash just isn’t within the shopping for or promoting however within the ready.”

Echoing this sentiment, Brandt famous that he could be “glad” to purchase some extra Bitcoin if the crypto’s worth corrects by 20% or extra.

“I might be a contented purchaser on all 20% corrections for now,” Brandt replied to one of many commenters,” he mentioned.

Thanks. I might be a contented purchaser on all 20% corrections for now.

— Peter Brandt (@PeterLBrandt) February 21, 2021

As CryptoSlate reported, Tesla CEO Elon Musk has just lately mentioned that solely a “idiot” wouldn’t look into Bitcoin.

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