Analyst believes bitcoin exchange rate will decrease by 35%

Peter Brandt noted that on December 4, at the time of the sudden decline in the value of bitcoin to $42 000, panic sales were not noticed

20.12.2021 - 09:30

627

1 min

What’s new? Peter Brandt, an analyst and trader, shared his opinion on the current dynamics of the bitcoin price, suggesting that the largest cryptocurrency has not yet reached the bottom of the correction due to the low trading volume. The expert focused on the fact that that the asset's correction always ended after trading with high volumes amid its panic selling.

Implications of volumeKey bottoms in $BTC have occurred with high volume panic capitulationThat has (yet???) to happen Thoughts??? pic.twitter.com/dYmDNADxuP— Peter Brandt (@PeterLBrandt) December 20, 2021

What is the analyst's view? Brandt noted that on December 4, at the time of the sudden decline in the value of bitcoin to $42 000, panic sales were not noticed. In the trader's view, this means only one thing, the decline in the BTC exchange rate will continue. He added that the bottom of the current correction is around the $30 000 mark.

What had happened before? Last week was mentioned that Mark Yusko, the head of Morgan Creek Capital, considers the current value of the first cryptocurrency is false and meaningless. In his opinion, the bitcoin exchange rate will rise to $250 000 in the next five years.

On December 20, the asset is at the $46 500 level and its capitalization is $881 billion. The cryptocurrency has fallen in value by 7% in the last 7 days and its price has decreased by more than 20% in a month.

Author: