According to Peter Brandt, despite its current poor performance, Bitcoin (BTC) could still reach $100,000 in the long run.
Veteran trader Peter Brandt believes that despite the recent correction, Bitcoin can still reach $100,000 in the long run, according to his June 7 tweet. This comment came after Bitcoin challenged other cryptocurrency traders to determine whether its inverted chart was bearish or bullish.
Brandt recently stated that $20,000 is the worst-case scenario for Bitcoin. This marks a 69 percent correction for the largest cryptocurrency. Bitcoin peaked at $64,854 on April 14, but then retraced to $30,000 on May 19.
During the previous market cycle, Bitcoin had seen an 84% drop from its December 2017 peak.
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