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Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan

Peter Brandt Calls For 80%+ Bitcoin Price Decline Over A Year Ago With Chilling Accuracy

Tony Spilotro by Tony Spilotro
4 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
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Bitcoin price (BTC) has fallen over 80% from its all-time high of $20,000 over the past 14 months, and has struggled to regain any bullish momentum it once had.

While many expected Bitcoin to bottom at the seemingly unbreakable support at $6,000, the leading cryptocurrency by market cap fell through to find its local bottom of $3150. Bulls and bears alike were caught off guard by the sudden violent decline. However one prominent trader was able to predict Bitcoin’s over 80% fall and called for a bottom target of $4,000 or below well over a year ago.

Peter Brandt Makes Bitcoin Bottom Prediction One Year Ago, Nails Target

Peter Brandt is a professional career trader that has traded across a number of markets, asset types and more, seeking to profit off of what patterns he’s able to derive from price charts. The trader follows a simplistic approach, only making a few trades each year on an asset based on the overall price trend and bigger overall picture.

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Related Reading | Bitcoin Price (BTC) Undervalued By Nearly $34K According to Infamous Dickline

Brandt has earned himself a name as a highly successful trader and a wizard at charting over time, in the cryptocurrency space and outside of it. He’s even joined the likes of crypto influencer Tone Vays and analyst Haejin Lee to power the Bitcoin.Live platform and offer insights to market participants at a premium.

General TA rule — violation of parabolic advance leads to 80%+ decline in value. If general rule is followed, BTC should retrace to <$4,000. Note: This Tweet does not make me a hater. pic.twitter.com/jDNI1osinU

— Peter Brandt (@PeterLBrandt) January 22, 2018

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Proving his charting prowess and demonstrating what decades of market experience can provide for an edge, Peter Brandt was able to accurately call for Bitcoin’s over 80% decline from its all-time high price of $20,000. He even added a price target of $4,000 or lower, which closely corresponds with the current trading range.

Has Bitcoin Price Really Bottomed?

In December 2017, fueled by extreme media attention and retail investor FOMO, Bitcoin skyrocketed to nearly $20,000 before its parabolic advance was broken and the historic cryptocurrency bull run of 2017 came to a screeching halt.

In early 2018, the career trader suggested that based on a “general TA rule” on previous parabolic advances being broken, Bitcoin was due for an 80% or more correction. Not only did Brandt nail the percentage decline seen in BTC prices, his call for a bottom target of $4,000 or below was chillingly accurate.

Related Reading | Analyst: Bitcoin Price (BTC) Still In Bull Trend According to MACD, Accumulate During “Correction”

With Bitcoin currently trading between its 2018 low of $3,150 and a recent high of $4,200, many traders are left wondering if Bitcoin has indeed bottomed or if there is more carnage to come for cryptocurrency investors. Markets and price movements are driven heavily by the emotional state of traders and other market participants, and if historical data based on decades of market experience supports calling price declines based on a break of a parabolic advance with such accuracy, it’s also likely that Brandt’s price target for the bottom will be accurate as well.

Tags: bitcoinBitcoin BottomParabolic AdvancePeter Brandttechnical analysis
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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