{"id":417964,"date":"2020-03-13T00:00:09","date_gmt":"2020-03-13T00:00:09","guid":{"rendered":"https:\/\/wncen.com\/?p=417964"},"modified":"2024-06-11T12:11:48","modified_gmt":"2024-06-11T12:11:48","slug":"analyst-bitcoin-chart-without-bias-sub-1000-price-btc-possible","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/analyst-bitcoin-chart-without-bias-sub-1000-price-btc-possible\/","title":{"rendered":"Analyst: If I Look at Bitcoin’s Chart “Without Bias,” a Sub-$1,000 BTC Is Possible"},"content":{"rendered":"

Bitcoin has undoubtedly been hit hard<\/a> over the past few days; after peaking at $9,200 on Saturday, the cryptocurrency has fallen off a cliff, plunging as low as $5,500 just today<\/a>. This marks a strong reversal from the 50% rally BTC saw from December to the middle of February, which many hoped was a precursor to the start of a bull market.<\/p>\n

Despite the already dismal performance, one analyst is warning that Bitcoin’s chart is showing signs of an impending effective apocalypse.<\/p>\n

Bitcoin’s Chart Has Clear Warning Signs<\/strong><\/h2>\n

Long-time commodities analyst Peter Brandt<\/a>, despite his being entrenched in traditional markets, has taken a liking to cryptocurrencies over the years. Namely, he comments on Bitcoin.\u00a0<\/a><\/p>\n

While he is a long-term bull on the asset, he recently warned that the recent price action may have been affecting his long-term outlook. Responding to someone who asked him if Bitcoin is bottoming in the $5,000s, Brandt remarked that if he looks at the chart of the cryptocurrency “without bias,” he sees a “sub-$1,000” price, which would require BTC to drop at least 83% from the current price of $5,700.<\/p>\n

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If I interpret the chart without bias, I would say sub $1,000<\/p>\n

— Peter Brandt (@PeterLBrandt) March 12, 2020<\/a><\/p><\/blockquote>\n