Bitcoin could suffer several corrections on the way to $200,000: Trading veteran

 

Peter Brandt, veteran trader and author of Diary of a Professional Commodity Trader, comments after Bitcoin’s recent crash that while the price of Bitcoin (BTC) could reach $200,000 – Crypto Engine history also shows that it is prone to massive corrections of 30% or more.

„In the 2015-2017 bull market in $BTC, there were nine corrections of more than 30%. Since the March 2020 low, there has only been one such correction,“ Brandt said.

And:

„How many more corrections > 30% will occur before Bitcoin reaches $200,000?“

According to the survey Brandt released yesterday, over 60% of the more than 15,500 respondents believe there is indeed a high probability that Bitcoin will experience one to six major corrections – more than 30% – before its price reaches $200,000.

At the same time, only 12.2% of respondents said BTC will suffer seven or more corrections

Another 10.9% are confident that Bitcoin has now peaked – meaning that BTC will be at its highest price point for at least some time.

16.2% of users, perhaps on the more „Bitcoin-maximalist“ side of the scale, comment that they do not expect any corrections on the way to $200,000.

While some users have reacted to the survey with scepticism, commenting that „the 80% correction meme might be a thing of the past“, it’s hard to argue against this when you look at the history of Bitcoin – which is still an extremely volatile asset.

Just recently, the coin corrected by over 30% when it fell from $42,000 on 8 January to around $28,900 on 22 January, for example. Viewed in this light, it is not beyond reason to suspect that similar price movements could occur in the future.

In response to the thread, crypto trader and investor Scott Melker aka „The Wolf Of All Streets“ comments that „the big money is not in buying or selling, it’s in waiting.“

Brandt comments that he would be „happy“ to buy more Bitcoin if the price corrects by 20% or more.

„I would be a happy buyer on any 20% corrections,“ Brandt said.

Earlier, Tesla CEO Elon Musk had said that only a „fool“ would not look at Bitcoin.

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