Peter Brandt: Bitcoin Rally Could Face 80% Correction – BTC, Ethereum, XRP, Litecoin, Bitcoin Cash Forecasts

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Peter Brandt says Bitcoin’s 2019 rally could drop by as much as 80% if the leading cryptocurrency falls off its current parabolic curve.

The veteran trader, who accurately predicted the start of Bitcoin’s last bear market, outlined the scenario to fellow traders on Twitter. If Bitcoin’s advance from around $3,150 to a high of $13,785 drops by 80%, Bitcoin would fall back down to about $5,277.

If current parabolic phase is violated, we could expect either an 80% correction of 7-month advance or much smaller correction w/ definition of new parabola w/ shallower slope. $BTC Note formation of possible 2-wk H&S or H&S failure pic.twitter.com/6IF1bHREAv

— Peter Brandt (@PeterLBrandt) July 7, 2019

Right now, Bitcoin is down 3.23% at $11,220 according to COIN360, with most of the market in the red.

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Ethereum is up 0.02% at $294.92, XRP is down 1.73% at $0.3935 and Litecoin is down 1.85% at $117.87.

Technical analysts at large are tracking Bitcoin’s current consolidation within an increasingly narrow $1,000 range.

Bitcoin

Bitcoinist – Bitcoin bears and bulls fighting in a tight range

NewsBTC – Bitcoin price trading near make-or-break levels

Ethereum

CryptoGlobe – ETH/BTC stuck at the bottom of a key support level

XRP, Litecoin, Bitcoin Cash

FX Empire – Bearish start to the day for XRP, LTC, BCH could continue

Crypto Daily – Current LTC resistance expected at $126.85, $132.23, and $137.04

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