BTC Price Stares At 75% Correction Per Peter Brandt, Will $283B China Stimulus Help?
The post BTC Price Stares At 75% Correction Per Peter Brandt, Will $283B China Stimulus Help? appeared on BitcoinEthereumNews.com.
The BTC price has come under strong selling pressure once again diving to the support of $58,900 levels on news of hotter-than-expected US CPI inflation data. Although Bitcoin has bounced back to $60,600 levels at press time, legendary trader Peter Brandt predicts the possibility of a 75% correction from here. Investors still remain hopeful for a China stimulus of $283 billion coming this weekend. BTC Price Can Drop 75% From Here Renowned trader Peter Brandt brought to the attention of the Bitcoin community an important historical trend. In his post on the X platform, Brandt highlighted the concept of “market analogs,” pointing out that it has been 30 weeks since Bitcoin (BTC) reached its all-time high (ATH). As per Brandt, whenever the BTC price failed to make a decisive new ATH within this timeframe, during the previous instances, it faced a significant decline of over 75%. Thus, if the historical pattern repeats, there’s enough possibility of another such decline ahead. Hey BitcoinersAre you familiar with the concept of “market analogs?”Here is something to think aboutIt has been 30 weeks since $BTC made an ATHWhenever has not made a decisive new ATH within this time length a 75%+ decline has occurred pic.twitter.com/CUyK4C2W93 — Peter Brandt (@PeterLBrandt) October 11, 2024 Peter Brandt’s recent observation spooked some Bitcoin enthusiasts stating how he’s been wrong during his prediction in 2023. Responding to this, Brandt wrote: “I am always amused by people who confuse a market observation with a market opinion. Drivers who cannot turn their heads in both directions always end up in an accident”. Note that just two days before the renowned traded made a Bitcoin price prediction of $130,000 level within the next year. However, the market sentiment is currently bearish at this moment against the much-anticipated ‘Uptober’ rally. Also, spot Bitcoin…
Filed under: News - @ October 11, 2024 5:28 am