Bitcoin to $20,00 or $40,00? Why is ‘this arrangement unique…’

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Can Bitcoin burst over the resistance? Can it break the $40k barrier? These are only a few of the numerous theories that have circulated. On the other hand, there have been a few gloomy predictions concerning the world’s largest cryptocurrency.

At the time of writing, Bitcoin was trading just above the $36k mark with a correction of about 1.5% in the last 24 hours.

This Veteran trader and analyst had an interesting projection, both bullish and bearish, with regard to Bitcoin.

Peter Brandt had this to say regarding a potential uptrend.

 

Even after recent setbacks that Bitcoin had in recent times, Brandt reiterated a similar vote of confidence, he stated:

“When BCL (Bitcoin Live) began in late 2018 I thought BTC had a 50% chance for $100,000, $1 million, whatever, and 50% chance for zero. I am much more constructive now. Call it 70%/30%, but the job of the bull is to shake out FOMO (fear of missing out) buyers.”

He also gave his take on the extent of the correction that bitcoin could see.

According to the tweet, Bitcoin might fall to about $21,000 in the worst-case scenario following a price consolidation at $30,000. This story comes just after Bitcoin reached a high of $64,854 on April 14 before retracing all the way back to $30,000 on May 19.

Brandt even posted a challenge to all the crypto proponents in the community on his Twitter feed. He stated:

“In the past 10 years (since May 2011) please identify a single (even one) instance:

1. When a 50%-plus correction did not lead to at least a 70% correction

2. When a 50%+ correction made a new ATH within 7 months”

Here’s how the community responded.

 

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Continuing the same thread, many BTC enthusiasts such as Rekt Capital posted their analysis on Bitcoin’s current trajectory as well.

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