Trade Legend Interprets the Fall in Bitcoin Price: “Just as I Expected”

Bitcoin (BTC), traded at $ 5,808 at the time of writing, fell to $ 5,500 on March 12, suffering a loss of about 25 percent. The drop in price is directly linked to the coronavirus outbreak called “Black Swan”.

Trade legend Peter Brandt said in a response to a follower that he had already said he was expecting such a decline. The legendary trader really predicted that Bitcoin could drop to $ 5,500 in February 2020 before starting a new parabolic run in September 2019.

Come on, you know better

Nobody listens to anything I say.

– Peter Brandt (@PeterLBrandt) March 12, 2020

According to Brandt’s estimate, the biggest cryptocurrency will go up to $ 50,000 after dropping to $ 5,500. On the other hand, trader’s year-end price estimate is $ 100,000.

Depending on close, today is contending for the worst day in $ BTC since at least 2013. pic.twitter.com/n7huywtswo

– Elias Simos (@eliasimos) March 12, 2020

On the other hand, when looking at the shared charts, it is not clear whether Bitcoin is still in a strong downtrend and whether it will reach the levels predicted by Brandt. The biggest cryptocurrency falling below $ 3,200 is interpreted as the beginning of the end.