Influential crypto analyst Peter Brandt says that bitcoin could find a bottom at “zero” amidst the ongoing market turmoil.
Following last week’s crash for bitcoin and crypto-assets, popular technical analyst Peter Brandt tweeted that BTC’s bottom could extend all the way to zero. According to Brandt, he gave bitcoin a fifty-fifty chance of reaching either $100,000 or $0. In the aftermath of last week’s market crash, during which bitcoin fell as low as $3800 for the first time since early 2019, Brandt said the cryptocurrency was likely heading to zero.
All along I have stated my belief that there was a 50% chance BTC was going to $100,000 and a 50% chance it would go to $0, or literally zero. Once we broke through 7500 I place my bets on zero.— Peter Brandt (@PeterLBrandt) March 13, 2020
Brandt made his comments in response to a previous tweet outlining the lessons he had learned from previous market crashes, including the 2008 global financial meltdown. While Brandt had originally called bitcoin falling to $5500, he said the bottom was below $1000.
If I interpret the chart without bias, I would say sub $1,000— Peter Brandt (@PeterLBrandt) March 12, 2020
Gold bug and crypto-critic Peter Schiff also took to Twitter to give his opinion on the market crash. Schiff criticized bitcoin’s safe-haven status amidst the coronavirus turmoil, saying that current conditions should have proved bullish for BTC rather than causing last week’s meltdown.
With the #Bitcoin halving just two months away and global financial markets in turmoil, the news couldn’t be more bullish for Bitcoin. Yet the price action couldn't be more bearish. Looks like it’s Bitcoin’s price that will be halved! Not exactly the halving hodlers expected.— Peter Schiff (@PeterSchiff) March 9, 2020
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