Well-known trader of classical charting principles since 1980 and author of #1 Amazon trading book "Diary of a Professional Commodity Trader" Peter Brandt has explained why he had to change his mind on the price of bitcoin (EXANTE: Bitcoin).
Last year, Brandt said that bitcoin could possibly go beyond the $100,000 mark. Back then Brandt explained his optimistic view as no other market in his 45 years of trading had gone parabolic on a log chart in that manner.
"Bitcoin is a market like no other," Brandt said then.
As for now, the trader sees a pessimistic outcome for the largest by market cap cryptocurrency.
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
Earlier iHodl reported that a well-known bitcoin Michael Novogratz said that the recent bitcoin drop might be caused due to the loss of investors' confidence.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.