Veteran trader and cryptocurrency analyst Peter Brandt is revealing a grim forecast for Bitcoin (BTC) as the coronavirus crash continues to pummel the market.
Brandt is well-known in the world of crypto for calling the start of Bitcoin’s massive retreat from its high of about $20,000 in January of 2018.
At the start of 2020, Brandt said the king coin was showing signs of a new parabolic rally to $100,000, but as the coronavirus black swan event pushes the crypto industry into a downturn, the analyst now warns that Bitcoin may plunge below $1,000.
Brandt says he’s always believed that BTC could go to the moon or go to zero, and these days he’s thinking zero is more likely.
“All along I have stated my belief that there was a 50% chance BTC was going to $100,000 and a 50% chance it would go to $0, or literally zero. Once we broke through 7500, I place my bets on zero.”
Brandt also has a warning for Ripple (XRP) investors, as the value of the third-largest digital currency plummets alongside the rest of the crypto market.
At time of writing, XRP is down by 27.52% at $0.142241, according to data from CoinMarketCap. Brandt says he believes the digital asset’s value still has plenty of room to fall.
Brandt has long accused Ripple, the largest holder of XRP, of market manipulation.
“Another way to look at is that almost everyone who has bought XRP since May 2017 has a loss.”
“I do have a bias against. XRP is not a true crypto. Manipulated. My disdain is for those for whom crypto is a religion. I see this to be the case more for XRP than any other coin.”