- Peter Brandt says the bullish run of Bitcoin is not over yet
- Michaël van de Poppe posits that the price of the coin would not drop lesser than $13,600
Peter Brandt, the crypto analyst who correctly predicted the Bitcoin’s crash of 2018 has said that the current drop in the price of the coin does not mean that the bullish run of the crypto asset is over.
He said this in a tweet to his over 300,000 thousand followers where he offered his opinion on how BTC is currently behaving in the market.
According to Brandt, the Bitcoin market had a bull run in 2015-2017 and in that period the coin witnessed nine notable corrections. The average decline rate was 37%.
He noted that if the 37% decline rate of those years is applied to the current drop, Bitcoin would cost $12,300. He further added that buyers who said they wouldn’t sell even after a big dip of the price would likely become sellers if the coin drops below $15,000.
Another Crypto analyst, Michaël van de Poppe, has said that he doesn’t see the price of Bitcoin dropping to as low as $12,000. In a recent video he released, he noted that the least the price of the coin could go is between $13,600 to $14,000.
Bitcoin price drops more than $1000
The price of Bitcoin fell suddenly in less than one day to $16,350. This is a drop of about 15% from its earlier high of $19,500.
According to The Block research, the fall was precipitated by the liquidation of nearly $1.9 billion worth of crypto derivatives in 24 hours.
The fall of the coin has renewed hostilities against the coin and a popular antagonist of Bitcoin, Nouriel Roubini, has labeled the crypto asset market to be manipulated.
According to Roubini, the popular crypto asset can not be used to pay tax nor can it be used as a store of value. He believes the volatility of the coin should dissuade investors from investing in the coin.