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.
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