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A closely-watched crypto analyst says Bitcoin (BTC) is running out of time to prove its worth.
Peter Brandt, who is known for accurately calling the start of Bitcoin’s 2018 bear market, says it won’t be long before BTC begins a new bull run or crashes to zero.
I do not personally think BTC even has that much time to declare itself true or false
— Peter Brandt (@PeterLBrandt) March 26, 2020
From May of 2019 until February of 2020, Brandt believed Bitcoin was in the early stages of a fourth parabolic bull run that would bring the price to $100,000 or higher.
But that all changed this month, as the coronavirus pandemic triggered a massive sell-off that caused the leading cryptocurrency to plunge along with traditional markets.
Brandt, who has consistently maintained that BTC will likely rally to the moon or retreat to zero, now says there’s a high chance BTC may drop below $1,000.
Meanwhile, fellow analyst Tone Vays predicts there’s a 75% chance that Bitcoin has reached a bottom, and a 20-25% chance BTC will once again drop below $3,800.
New analysis from Bloomberg is bullish in the short term. Analysts at the financial outlet say the GTI VERA Convergence Divergence – which looks to identify market reversals by removing excess noise from the typical moving average convergence divergence (MACD) indicator – is flashing a buy signal.
The same signal flashed ahead of Bitcoin’s February rally, which brought BTC to a high of $10,375. Bitcoin is up 0.24% to $6,696 at time of publishing, according to CoinMarketCap.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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