Veteran trader Peter Brandt hinted in a tweet that Bitcoin will go through deep price corrections before it hits the $ 200,000 mark. Brandt points to the 2015-17 Bull Run when Bitcoin went through corrections similar to the precedent the crypto-asset could follow about nine times.
Further corrections expected
As a result, Brandt is asking its Twitter followers to predict the number of similar 30% price corrections they expect before BTC eventually hits $ 200,000. As Brandt explains in the tweet, the crypto asset has already undergone such a correction since the price drop in March 2020.
Still, the crypto asset, the price of which rose more than 300% in 2020, has been on an upward trend since then. On February 21, the crypto asset hit a new all-time high of $ 58,228, according to Messari data. As a result, some Bitcoiners are now predicting that a price of $ 100,000 can be reached in 2021.
Meanwhile, the response to Brandt’s BTC price prediction, as well as his expectation of major corrections on Twitter, has been mixed. Some users seem to agree with Brandt’s suggestion that there will be many fixes before the $ 200,000 price point hits. Still others believe that BTC will even exceed $ 200,000, while many believe the number of corrections will be fewer this time around.
Bitcoiners expect fewer corrections
For example, in her response to Brandt, a user named Tho said:
Couldn’t tell as the end of this bull run is $ 298,000, not $ 200,000. If you ask how many times, the answer is six times. it’s mean that 4 more times.
Another user, Mike Thomas, says there will be a significant correction at around $ 100,000. Still, Thomas argues: “Given the (increased) number of coins going offline, increased demand and another black swan event, I think corrections of more than 30% are a thing of the past.”
Meanwhile, another user known as Frank Squisher insists that “as the speed of this parabolic climb increases, the next correction could be the last … If it slows down a bit, we may be able to do another before the last run make a big correction – above. “
Still, not all users are convinced that the crypto asset will reach $ 200,000. One such user, London Hold, asks, “The question is, do you think we’re going to hit 200,000?”
On February 22nd, Bitcoin (BTC) prices fell sharply to $ 47,500 after briefly above the $ 55,000 level. BTC quickly shed 13.63% in value on Monday but has since regained some of the losses.
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Do you agree that BTC will go through a lot of corrections before it hits the $ 200,000 mark? Let us know what you think in the comments section below.
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