Bitcoin (BTC) is at risk of falling even more, despite crashing from $ 65 thousand to $ 30 thousand in May 2021.
Peter Brandt, CEO of global trading firm Factor LLC, has questioned the sustainability of the Bitcoin market relief rally, especially after the 50 percent price crash.
The veteran investor asked Bitcoin price historians to come up with an example in which Bitcoin broke a record seven months after its 50 percent crash over the past decade. Brandt also asked if there was an instance where at least 70 percent correction was not seen after the 50 percent crash.
Challenge to $ BTC price historians
In past 10 years (since May 2011) please identify a single (even one) instance:
1. When a 50%-plus correction did not lead to at least a 70% correction
2. When a 50%+ correction made a new ATH within 7 months
— Peter Brandt (@PeterLBrandt) June 1, 2021
a Twitter user, he said that there are two examples: Bitcoin, which was at $ 13,880 in June 2019, hit $ 3,850 in March 2020, when it saw $ 20,000 eight months (if not seven), and eight months after crashing from $ 80 to $ 40 overnight in the 2013 bull market. , rising more than 2,450 percent .
Brandt refused to accept either sample, as the record was broken a month later than his stated timeframe. It is not clear why the experienced investor chose this time frame and what he was trying to prove about the crypto market.
huh? why? your 2020 reasoning…maybe….but 2013 was legit a 50%+ drop and rage to ATH in November that year. How can you invalidate that price move?
— Crow Bar (@CrowBar50360383) June 1, 2021
On-chain analyst Willy Woo thinks Brandt is trying to explain that he expects more declines in the Bitcoin market.
Woo tried to alleviate the anxiety Brandt had caused by pointing out the fundamentals of networking.
“Such declines, which take a long time to recover, all occur when the price is above the base value,” Woo added.
“This time the situation is different, the price is below the base value. In the collapse caused by COVID, the price fell below the fundamental value and therefore a rapid recovery was seen.”
Woo did not explain what he meant by intrinsic value.
Brandt correctly predicted the Bitcoin price crash in 2018. In a statement made in March 2021, the analyst said that he expects the Bitcoin price to reach $200,000 in the third or fourth quarter of this year.